Brent oil continues to rise in price

Brent crude is rising on Monday after the long weekend, while the nearest-delivery WTI contract is trading in negative territory.

This was reported by Interfax.

The price of June Brent futures on the London ICE Futures exchange as of 09:20 Baku time stands at $109.77 per barrel, which is $0.74 (0.68%) higher than at the close of the previous trading session.

May WTI oil futures on the electronic trading platform of the New York Mercantile Exchange (NYMEX) had dropped by $0.19 (0.17%) to $111.35 per barrel by that time. Last Friday, trading was not conducted due to Easter holidays in the United States, Europe, and a number of Asian countries. On Monday, some markets remain closed, so trading activity is below normal.

At the market close on Thursday, the Brent price stood at $109.03 per barrel, and WTI at $111.54 per barrel.

Eight OPEC+ countries agreed following a meeting held over the weekend to increase oil production quotas in May by 206 thousand barrels per day.