Oil prices rose as OPEC + agreement comes into force

US, WASHINGTON (ORDO NEWS) — Oil prices on world markets began to rise on the morning of Friday, May 1, against the backdrop of the entry into force of the new OPEC + agreement to reduce raw material production.

At 7:13 UTC, June futures for the WTI brand rose 3.93%, to $ 19.58 per barrel. During the bidding, the price was fixed at $ 20.45 per barrel.

North Sea Brent crude for July delivery rose to $ 27.58 on the London ICE.

After that, hydrocarbon prices began to decline, according to trading data.

On May 1, a new OPEC + deal came into effect to reduce oil production by almost 10 million barrels per day.

However , experts surveyed by Izvestia indicated that a significant increase in hydrocarbon prices should not be expected.

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