Oil rises due to cuts announced by Russia

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.

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