Oil prices rise on Wednesday for the fourth straight session, with Brent approaching $70 per barrel for the first time since Nov.

Oil prices close to $70 for the first time since November

This is with reference to Interfax reports Biznestsentr.

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The market has a growing optimism about the global economy and decline in oil production by OPEC countries+.

The cost of June futures for Brent crude on London's ICE Futures exchange is $69,75 per barrel, which is $0.38 (0.55 percent) above the closing level of the previous session. On Tuesday these contracts increased in price by $0,36 (0,52%) - to $69,37 per barrel.

Futures for WTI crude oil for may in electronic trading on the new York Mercantile exchange (NYMEX) rose $0,25 (0,4%) to $of 62.83 per barrel. At the end of trading on Tuesday, the contract rose in price at $0.99 (of 1.61%) to $62,58 a barrel.

WTI fell by 38% in the current year due to production cuts by OPEC member countries+ including due to the loss of Iranian and Venezuelan supplies in connection with American sanctions against those countries.

According to the Ministry of energy of Russia, the country in March in the framework of the agreement with the OPEC+ was able to reduce the average daily oil production by 130 thousand barrels per day compared to October.

OPEC+ is likely to extend a deal to reduce production by 1.2 million barrels per day in the second half, however, the level of implementation of the agreement will be significantly below analyst DNB Markets Helge Andre Martinsen.

The level of performance of the agreement by OPEC to be about 60% in the second half, the expert said in an interview with Bloomberg.

Meanwhile, optimism about the world economy grows in the signals that the US and China close to concluding a trade agreement. The Chinese delegation headed by Vice-Premier Liu he will resume Wednesday in Washington negotiations with the US on a trade agreement, which, according to the world's media, is in the final stages of approval.

"We get the signals in terms of oil demand and supply, which paint a more positive picture of the oil market than previously expected, says the analyst of CMC Markets Asia Pacific in Sydney, Michael McCarthy. - Expectations of demand growth - the key market mover in the moment."


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