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Oil Prices Near Highest Level in a Year: Brent Crude Reaches $88.55 per Barrel

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Oil Prices Near Highest Level in a Year

Oil prices at auction today, Monday, were near the highest level in about a year, and Brent oil last Friday reached $88.55 per barrel.

Oil Futures Update

By 09:19 Moscow time, futures for American oil fell by 0.08% to $85.48 per barrel, and futures for Brent crude oil fell by 0.16% to $88.41 per barrel, according to data from Bloomberg.

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Recent Price Surges

Brent rose 2% to $88.55 a barrel last Friday after the settlement, the highest level since the end of August 2022, while U.S. oil rose 2.3% to a record $85.55 a barrel, marking the highest price since the end of August 2022.

Effects of OPEC+ Agreement

This surge comes at a time when markets anticipate further cuts in oil supplies from major producing countries, as part of the OPEC+ agreement. Russian Deputy Prime Minister Alexander Novak announced last week that Russia had agreed with partners in the OPEC+ group on standards for further reduction of exports from the country.

Source: RT+Bloomberg

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