Brent crude rose above $ 40 for the first time since March 6, according to trading data.
As of 03:44 Moscow time, August oil futures rose 1.14% to $ 40.08 a barrel. At 03:46 AM, July futures rose 1.96% to $ 37.53.
Investors continue to evaluate the upcoming “OPEC +” meeting. According to media reports, the organization is considering extending the current production cut for a period of one to three months.
The collapse in oil prices began after OPEC + countries were unable to agree on March 6 to change the criteria of the agreement to limit the development of raw materials, or to extend them. As a result, production restrictions in participating countries were lifted from April 1. In March alone, oil fell more than twice.
Later in April, the organization agreed to cut production by 9.7 million barrels per day in May / June, by 7.7 million in the second half of the year and to increase by 5.8 million until the end of April 2022.