Oil prices rose on Monday boosted by the Russian output cut from March announced on Friday.
The barrel of Brent crude for April delivery rose 0.25% on Monday to close at $86.61 in London, while in New York the barrel of WTI for March rose 0.52% to $80.14. Dollars.
Kpler analyst Matt Smith said traders were still pondering the prospect of Russia’s 500,000 barrels per day production cut from March, announced on Friday.
“Longer-term implications [del anuncio] they will depend on the extent to which the cuts will reflect a contraction of exports in an already tense market”, Eurasia Group analysts commented in a note.
effects
In the last four weeks, Russian exports by sea fell by 200,000 barrels per day, that is, more than 5%.
The effect of the Russian reduction was all the more significant as the Organization of the Petroleum Exporting Countries (Opec) and its allies in the Opec+ deal immediately signaled their intention not to make up for the missing Russian quantities.