The price of oil rose by more than 5% amid the decision of a number of OPEC+ countries to cut production

Against the backdrop of the decision by a number of OPEC+ (Organization of the Petroleum Exporting Countries) countries to cut oil production, world prices for “black gold” have risen by more than five percent . This is demonstrated by trade data.
As of 1:07 a.m. Moscow time, May WTI crude oil futures rose 7.12%, breaking through $81 a barrel. The growth in the cost of June futures for Brent oil at 1:18 a.m. (Moscow time) amounted to 7.13% (to $85.59 a barrel).
Recall that the OPEC+ countries, including the Russian Federation, have voluntarily decided to reduce fuel production until the end of 2023. For Russia and Saudi Arabia, this figure will be 500,000 barrels per day, for Kazakhstan – 78,000 barrels.
Earlier it became known that for the first time since March 7, the price of a barrel of Brent oil exceeded $85. According to trade data from London’s ICE exchange on April 3, the price per barrel of oil rose 6.43%. Now, fuel is trading at $85.41 (+6.46%). Oil prices rose more than 5% amid several OPEC+ countries’ decision to cut production