Oil is traded at most for three months

Tomorrow the members of the oil cartel must agree on the extension of the restrictions on production for another month.

Oil prices are rising standard grades Friday, June 5, on the news about the upcoming meeting of OPEC to limit oil production.

Thus, the cost of the futures on Brent crude with August delivery on London exchange ICE rose by 2.85% to $41,13 per barrel is a maximum of 6 March.

The cost of the futures on WTI for July in the electronic session on the new York Mercantile exchange (NYMEX) rose 2.19% to $38,23 per barrel.

Earlier it was reported that tomorrow there will be a meeting of OPEC and OPEC+, which must approve the agreement to extend the may restrictions on oil production for another month.

Recall that according to the agreement, OPEC+, may-June decline in oil production will amount to 9.7 million b/d (23%), from July until the end of 2020, and 7.7 million b/d (18%), until may 2022 5.8 million b/d (14%).

According to media reports, the deal was made in may 75% as Iraq and Nigeria had not fully complied with their obligations.

 

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