If have a look to the world’s oil markets, the decision of OPEC+ to reduce oil production in January, began to yield results. During the week, world crude oil prices showed a positive trend and completed weekly trading with steady growth.
In London, at the Intercontinental Futures Exchange, Brent crude futures for April reached USD 67.12 a barrel, while US West Texas Intermediate (WTI) crude futures for April settled at USD 57.26 per barrel.
Both oil benchmarks have risen this year after the Organization of the Petroleum Exporting Countries and its allies, including Russia, began to cut output to prevent a supply glut from growing. Experts believe that more active reduction in world supply to be dominated at the market now. The current two sets of sanctions that the USA imposed on Venezuela and Iran would have a positive effect on the growth and would keep the oil prices in international commodity markets. In addition, the active actions of OPEC aimed at reducing oil output would contribute to the growth of oil prices also.
Until the end of February 2019, experts do not predict significant changes in the oil market. It is expected that the price of black gold will fluctuate close to the current mark of USD 67 a barrel for Brent and USD 57 a barrel for WTI.