The price of WTI oil futures exceeded $50 per barrel for the first time since February 2020

As the CNBC TV Company notes, the increase in the cost occurs against the background of the ongoing meeting of OPEC+ ministers.

The price of US crude oil futures WTI (West Texas Intermediate) rose on Tuesday above $50 per barrel for the first time since February last year. CNBC reported this with reference to the auction date.

According to her, during the trading session, the cost of February energy futures reached $50.05 per barrel. The last time the price of WTI crude oil exceeded $50 was at the end of February last year. Currently, the cost of February supplies of Texas light oil is $49.63 per barrel (plus 4.22%).

As the TV Company notes, the growth in WTI futures’ price occurs against the background of the ongoing meeting of OPEC+ ministers, who are discussing the parameters of reducing oil production in February and March. TASS sources said that now the alliance countries are reducing production by 7.2 million b / s. However, Russia and Kazakhstan will increase it by 75 thousand b/d in February and March in the proportion of 65 thousand and 10 thousand b/d. This increase in production will be absorbed by a proportional and voluntary reduction in production by Saudi Arabia.

At the end of April, for the first time in history, the price of US WTI oil futures for delivery in May collapsed to a negative value (to minus $37.6 per barrel), which caused panic in the market. The collapse in prices was preceded by a record drop in oil demand and the almost complete filling of the world’s oil storage facilities.

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