Brent Crude Trading Above $60 per Barrel for First Time Since Late January 2020

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MOSCOW (Sputnik) – The price of Brent crude futures rose above $60 per barrel for the first time since 29 January 2020, trading data shows on Monday.

As of 08:25 Moscow time (05:25 GMT), the April futures were trading 0.77 percent up at $60.01 per barrel, while March futures for WTI hovered at $57.73 per barrel, showing a 1.18 percent increase.

On 5 January, OPEC+ agreed that only Russia and Kazakhstan would slightly increase production over the next two months, while the other participants in the oil output cut deal would keep slashing the same amount of production as in January.

Saudi Arabia, in turn, voluntarily agreed to unilaterally cut oil output by 1 million barrels a day through March.

Sourse: sputniknews.com

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