Oil prices rose 3% on Friday


Prices for oil of leading brands rose by 3% on Friday evening against the background of production cuts by OPEC + countries. The cost of the March futures for the Brent oil rose by 2.47% to 62.69 dollars per barrel. During trading on Friday, the price rose to $63. This is the maximum rate since December 7th. The price of WTI brand futures rose by 3.25% to 53.76 dollars. OPEC + member countries are stepping up efforts to reach an agreement on production cuts. According to the published OPEC + monthly report, production in December fell by 0.78 million barrels per day compared with October. Price Futures Group analyst, Phil Flynn, assesses this event as serious intentions from OPEC +. Participating countries plan to remain in the market, and therefore, to comply with the agreement. The number of rigs in the United States was reduced to 852 units, which also affected the price of March futures. The indicator decreased by 21 installations, having reached the minimum value since May 2018.

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