12:11 - 6.01.2021

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January 6, Fineko/abc.az. Oil prices are increasing in Wednesday’s trading after it was announced that Saudi Arabia will further lower its production in February and March.

By 9:54 am, at the London ICE Futures Exchange the price of March’s Brent crude futures rose by $0.27 (0.50%) up to $53.87 per barrel. At the end of trading on 5 January the Brent futures for March rose in price by $2.51 (4.91%) up to $53.60 per barrel.

By 9:54 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for February rose in price by $0.08 (0.16%) up to $50.01 per barrel. Following the results of trading on 5 January, WTI oil futures for February rose by $2.31 (4.85%) up to $49.93 per barrel.

Following the results of trading on 5 January, the oil prices jumped up to the highest since February 2020

The OPEC+ countries agreed during the Thursday’s meeting to gradually increase the oil production by 2 million bpd after March.

Saudi Arabia will further reduce production in February and March by 1 million b/d.