World oil prices went high after sharp fall

Oil prices of reference marks rose on Wednesday, February 27, after a sharp fall at the beginning of the week.

In particular, the cost of April futures for Brent on the London Stock Exchange ICE Futures rose to $ 65.65 per barrel, which is 1.4% above the closing level of the previous session, according to the results of the auction.

At the same time, WTI crude oil futures on the New York Mercantile Exchange (NYMEX) went up by 0.9% to $ 55.99 per barrel.

According to experts, expectations remain that the Organization of Petroleum Exporting Countries will continue to restrict oil production. According to preliminary data, at a meeting in April, representatives of OPEC+ will extend the existing agreement to support price increases.

At the same time, commercial oil reserves in the United States declined by 4.2 million barrels last week, while gasoline reserves fell by 3.8 million barrels, but distillate stocks rose by 400,000 barrels. Analysts predict an increase in oil reserves in the United States by 3.5 million barrels.

Recall that at the beginning of the week the price of April futures for Brent fell by $ 2.36 per barrel or 3.52%, while WTI fell by 1.78 dollars per barrel or 3.11%. The collapse in the cost of raw materials is associated with statements by President of the United States Donald Trump, who called on countries of the Organization of Petroleum Exporting Countries to lower the prices.