Brent Oil Price Futures Rise 2.6%

The cost of futures for Brent crude oil for delivery in August 2020 on the London Stock Exchange ICE rose by 2.6% to the closing level of the previous session and reached $41.02 per barrel, according to the trading data on Friday, TASS reported.

The last time the price of oil of this grade was above $41 per barrel was on March 6, 2020.

By 12:13 Moscow time, Brent crude oil grew by 3% – up to $41.18/barrel. In turn, WTI crude oil was trading at $ 38.59/barrel, which is 2.3% higher than the previous close.

Oil quotes are growing on the news that an OPEC ministerial meeting will be held on Saturday, June 6, followed by a meeting of countries outside of the organization. A TASS source reported that the main issue on the agenda is the extension of the current level of production reduction of 9.7 mln barrels per day after June.