Oil rises on OPEC+ news

World oil prices rose moderately on Wednesday morning after falling a day earlier on the news about the possibility of Russia's suspension from the OPEC+ deal, Report informs, citing trading data.

The price of August futures for Brent crude rose by 0.36% to $116.02 per barrel, and July futures for WTI rose by 0.44% to $115.17 per barrel.

Oil fell about 2% on Tuesday after the Wall Street Journal reported that some OPEC members were exploring the idea of ​​suspending Russia's participation in the OPEC+ deal as Western sanctions and a partial European ban on supplies begin to undermine Moscow's ability to produce more oil. The next OPEC+ meeting will be held on June 2.

Oil was rising in price before the news. On Tuesday morning, July futures for Brent crude rose above $124 for the first time since March 9.

If there is any confirmation from OPEC+ members that a suspension of Russia's participation is being discussed, then prices could fall to $100. OPEC+ needs to develop a plan as oil prices are likely to continue to rise and increase inflationary pressure, Agence France-Presse reports, citing analysts.

Investors also continue to assess the prospects for oil supplies after the EU decision to limit the import of Russian oil. On Tuesday night, the EU reached an agreement on introducing a partial oil embargo, which will affect oil supplies by sea from Russia.