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The price of WTI crude oil reached $40 a barrel for the first time since March 6

Futures price of WTI rose above $ 40 a barrel for the first time since March 6, according to the auction.

As at 1.17 GMT July futures on WTI rose in price by 2,70%, to 40.00 dollars.

The price of August futures for North sea oil mixture Brent as at 1.20 GMT rose 1.91% to 42.78 USD per barrel.

On Saturday, OPEC agreed to extend the current decline in production to 9.7 million barrels per day by the end of July. However, the head of the energy Ministry of Russia Alexander Novak said that all options transactions on the reduction of oil production in July remained the same, preserved all the conditions, including the participation of Mexico in the agreement.

The agreement that OPEC reached in April, involves the reduction of oil production to 9.7 million barrels per day in may and June. From July to the end of this year it had to be 7.7 million barrels, as of January 2021 and until the end of April 2022-St — 5.8 million.

The previous deal fell apart OPEC in March. The participants did not agree to extend the agreement to reduce oil production, as proposed by Moscow, nor to change its settings, as urged by Saudi Arabia. Against this background, and also due to significant reductions in fuel demand worldwide in a pandemic coronavirus oil prices fell by more than half, and then continuously updated multi-year lows.

In recent years the situation in the oil market has somewhat stabilized, and this week rates for the first time since March exceeded $ 40 per barrel.