The cost of the March futures for Brent crude on the London ICE Futures exchange to 08:15 Moscow time on 9 January rose by $0.41 (0.6 percent) to $68,19 per barrel. At the end of the previous session, the contract rose $0,16 (0,24%) to $67,78 per barrel, according to Russian news Agency ANI.
The oil continues to rise after climbing 8 January on expectations of weaker growth in US production.
Futures price for WTI crude oil for February in electronic trading on the New York Mercantile exchange (NYMEX) has increased by this time for $0,47 (0,76%) – to $62,20 per barrel. 8 Jan contracts went up by $of 0.29 (0.47 percent) to $61,73 per barrel, reports "Interfax".
At the end of last week Brent oil grew in price by 1.1%, WTI – by 1.7%.
Baker Hughes data released on January 5, pointed to an unexpected reduction in the number of existing oil installations in the U.S. last week for 5 units – up to 742 units.
The decrease in the number of existing plants suggests a potential decline in oil production that supports the market.
Meanwhile, speculative players are betting on a further rise in oil prices. Net long positions in Brent crude last week increased to a record level.