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Brent crude above $57 for the first time since last February

The price of Brent crude rose, according to trading data, above $57 a barrel for the first time since February 24 of last year.

As of four o’clock Wednesday morning Baghdad time, the price of March futures contracts for North Sea oil mix from Brent rose 0.48% to $ 57.03 a barrel, and February futures contracts for West Texas Intermediate rose 0.66%, to $ 53.56 a barrel .

Oil prices continue to receive support due to optimistic expectations of demand on the one hand, as well as against the backdrop of production prospects after the decisions of the “OPEC +” group, on the other hand.

Last week, OPEC + completed a two-day meeting, in which it defined the parameters of the deal two months ago, as the current terms of the agreement were extended to almost all countries. However, Russia and Kazakhstan got an opportunity to increase production in February and March, while Saudi Arabia and a number Other participating countries, on the contrary, decided to reduce it. Source