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Brent fell to $82 per barrel, but ends February in the black


February, 29 2024
watermark Economic news

On Thursday, oil prices declined, but closed February on a confident note of growth.


The current price of Brent oil is $82.00 per barrel. The figures at the end of January were fixed at $77 per barrel. North American WTI oil shows similar dynamics: February closing at $78.60, January closing near $72 per barrel.  


In the month ending, both Brent and WTI rose by more than 3.5%. Currently, both grades of oil are trading near the upper limit of this year's price range.


The market is supported by both production restrictions from OPEC+ countries and tensions in the Middle East, including problems with cargo transportation through the Red Sea.


On Wednesday, Western media reported that OPEC+ is considering extending voluntary restrictions on oil production for the second quarter of this year.


Oil reserves in the United States increased for the fifth week in a row, and production in the United States remains at an all-time high.


Analysts note that the global oil market is shrinking, as can be seen from the analysis of time spreads, which indicate a backwardation in the market (when later contracts are traded at a discount to the nearest ones).


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.