Global Oil Prices Rise on Expectations for Balance of Supply and Demand

Global oil prices on Friday evening grew by 2%, as markets continue to assess the balance of supply and demand after the publication of the monthly report of the International Energy Agency (IEA).

The price of April futures for Brent crude grew by 2.11% to $93.34 per barrel, March futures for WTI rose by 2.39% to $92.03. At the end of the week, oil quotes will help to show a decline for the first time after seven weeks of growth.

“Oil is rising after the IEA said OPEC+ fell 900,000 bpd off its January target,” Spartan Capital analyst Peter Cardillo told the Wall Street Journal.

According to the IEA report, OPEC+ in January again exceeded its deal to limit oil production by 27%, failing to increase 900,000 barrels per day to the level allowed by the agreement.

The report also says that commercial stocks of oil and petroleum products in the OECD in December fell by 60 million barrels compared to November and were at their lowest level in seven years.

Investors are also evaluating weekly US oil rig statistics from US oil and gas service company Baker Hughes. During the week from February 7-11, their number increased by 19, up to 516 units.

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