Oil prices continue to rise after decision of OPEC+

Global oil prices on April 4 morning rose moderately after a jump on April 3. Markets continue to evaluate the decision of OPEC+ to reduce production, Report informs referring to the auction data.

The price of June futures for Brent crude rose by 0.44% to $85.3 per barrel, May futures for WTI rose by 0.45% to $80.78.

On April 3, oil prices jumped 6% after the OPEC+ countries decided on an additional voluntary cut in oil production. The Ministerial Monitoring Committee announced in a final communiqué that the total production cut will be 1.66 million barrels per day until the end of 2023.

US Treasury Secretary Janet Yellen called the decision unfortunate but found it difficult to assess its impact on oil prices. The White House said the US does not consider this decision reasonable.