Oil rises in price after falling its quotes the day before

Oil prices show growth on Wednesday morning. By 8:23 am Moscow time, a barrel of Brent oil rose in price by 73 cents, or 0.66%, to $110.96. The price of a barrel of WTI crude rose 72 cents, or 0.69%, to $104.96. On the eve of the cost of a barrel of Brent and WTI oil rose by 2% and 1.6% respectively. Investors paid attention to the data on the volume of oil reserves in the United States, published the night before. According to the results of the last week, they decreased by 3 million barrels. Now investors are waiting for the decision of OPEC + regarding the volume of oil production in May. The next meeting of the alliance will take place on March 31. Experts believe that the parties to the agreement will not make changes to its parameters. May production will be increased by 400,000 barrels. According to the head of the Ministry of Energy of Saudi Arabia, Abdulaziz bin Salman, the countries participating in the OPEC + deal do not intend to make any decisions taking into account the geopolitical situation. The alliance is out of politics and will be guided only by an assessment of the situation on the oil market.

Source: xCritical.com