Oil prices rose in the first quarter at the highest rate since 2009


Benchmark crudes for the first quarter showed a record growth since the second quarter of 2009. The cost of Brent for this period increased by 27%, WTI - by 32%. The growth of quotes was supported by a reduction in production by countries that comply with the OPEC + agreement, and a decrease in oil supplies from Iran and Venezuela, which are under US sanctions. Experts expect the United States to extend the resolution of a number of countries to import oil from Iran, bypassing the sanctions. The statement by the head of the Federal Reserve Bank, John Williams, that there are no significant risks for a recession in the United States, is also a positive factor for the oil market. The prices are also supported by information on the progress in trade negotiations between the USA and China. At the end of last week, Brent crude rose 56 cents to 68 dollars 38 cents a barrel. The price of WTI crude oil rose 67 cents to 59 dollars 97 cents a barrel.

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