On Monday, the price of the major benchmark crudes is growing due to the news from the main supplier countries.
February contracts of Brent have risen by 5% to $ 62.5 per barrel of “black gold”. Prior to that, the price was falling by 1.3% and closed at around 58.7 US dollars at the last trading session.
January WTI contracts have grown by 5.5% to the value of $ 53.7. Earlier, the price fell by 1% and stopped at $ 50.9.
After the G-20 summit, President Putin said that the Russian Federation and Saudi Arabia had extended the agreement to reduce production. There are no exact volumes, they will be known in the near future. “We will monitor the market and act in accordance with it,” he said.
The representatives of Alberta (one of the largest provinces producing oil in Canada) reported that the plans included reducing production from January by 325 thousand barrels per day.
The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade