Brent Crude Tops $55 Per Barrel 1st Time Since February 26

Brent Crude Tops $55 Per Barrel 1st Time Since February 26

Brent crude has surged above $55 per barrel on Friday for the first time since February 26 on expectations for demand recovery after the latest OPEC+ agreements, Sputnik reports. 

As of 2:12 p.m. Moscow time (11:12 GMT), the price of March futures for Brent grew by 1.18 percent to $55.02 per barrel, with February futures for West Texas Intermediate (WTI) up by 0.92 percent to $51.3.

On January 5, OPEC+ agreed that only Russia and Kazakhstan would slightly increase production over the next two months, while the other participants in the oil output cut deal would keep slashing the same amount of production as in January.

Saudi Arabia, in turn, voluntarily agreed to unilaterally cut oil output by 1 million barrels a day through March.

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