Oil price rises, Brent close to $83.3 a barrel

Oil prices rose on Monday after February’s biggest drop in the previous week.

Brent July futures on London’s ICE Futures exchange cost $83.25 a barrel at 8:10 a.m., up $0.29 (0.35%) from the previous close. These contracts fell $0.71 (0.9%) to $82.96 a barrel on Friday.

June WTI futures in electronic trading on the New York Mercantile Exchange (NYMEX) were up $0.3, or 0.38%, to settle at $78.41 a barrel so far. As a result of previous transactions, the value of the contracts fell by $0.84 (1.1%) to $78.11 per barrel.

For the week, Brent fell 6%, while WTI fell nearly 7%.

Last week’s pressure on the market was exerted by data on rising US inventories and signs of falling demand, as well as some easing of fears associated with the possibility of a reduction in oil supplies from the Middle East.

Traders believe that amid a significant drop in prices, OPEC+ countries will continue to curb production. Most traders and analysts polled by Bloomberg expect alliance countries that adhere to voluntary production curbs to continue current measures until the end of this year.

Saudi Aramco announced last weekend that it would raise oil prices for Asian buyers in June. The cost of Asia’s main feedstock, Arab Light, will rise by $0.9 a barrel. As a result, it will cost $2.9 more than a basket of crude from Oman and Dubai, Saudi Aramco said in a statement.

In connection with

Brent oil