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The growth in oil quotations that began a week earlier continued and last Monday Brent for the first time since January 24, 2020 reached $ 60 per barrel.

The cost of April futures for Brent oil on the London ICE Futures exchange by 18:10 Moscow time on Monday is $ 60.16 per barrel, which is $ 0.82 (1.38%) higher than the price at the close of the previous session. The price of futures for WTI oil for March at the New York Mercantile Exchange (NYMEX) by this time is $ 57.74 per barrel, which is $ 0.89 (1.57%) higher than the level at the close of previous trading.

On Tuesday the information appeared that the OPEC countries may celebrate 60 years since the founding of the organization in May 2021 in Baghdad. This is stated in the letter of Iraqi Oil Minister Ihsan Abdel Jaber addressed to the cartel general secretary. As noted in OPEC earlier, a festive meeting of cartel members should be held at the Al-Shaab exhibition complex in Baghdad, it should include not only ministerial consultations, but also musical and cultural events. The organization was founded in September 1960 at an oil conference in Baghdad by five states - Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Later, other countries joined them. As of February 2021, the cartel includes 13 countries: Algeria, Angola, Venezuela, Gabon, Iran, Iraq, Congo, Kuwait, Libya, United Arab Emirates, Nigeria, Saudi Arabia, Equatorial Guinea. The headquarters is located in Vienna. OPEC accounts for about a third of all world oil production.

On Wednesday there was a slight correction in the oil market. The price of April futures for North Sea Brent oil mixture fell by 0.25% - to $ 61.06 per barrel, March futures for WTI - by 0.15%, to $ 58.28 per barrel. Economist at OCBC Bank Howie Lee told Bloomberg that the rally in oil prices will continue until it reaches a stage where Saudi Arabia can let the markets take over. It is likely to see a continuing supply shortfall as demand recovers, and this is supporting oil prices.

On Thursday the monthly OPEC report was released, in which the organization's experts lowered the forecast for the growth of oil demand in the world in 2021 by 0.1 million barrels per day, to 5.8 million barrels per day. Thus, the overall demand for oil in the world market in 2021 will amount to 96.05 million barrels per day, the organization expects. The reason for the decline was a slower-than-expected recovery in the transport sector, where the demand forecast for the first half of 2021 was revised accordingly.

The week ended with another climb - the price of Brent crude rose above $ 62 per barrel for the first time since January 24, 2020. The price of April futures for North Sea Brent crude oil mixture grew by 1.85% - to 62.27 dollars per barrel, March futures for WTI - by 1.75%, to 59.26 dollars per barrel. According to analysts, the optimism may be related to the general mood in the market.

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