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On Monday morning, world oil prices showed a steady growth of 1.5% amid news about the adoption of a package of measures to support the US economy.
Thus, the price of the North Sea Brent blend increased by 1.49% - to $65.38, while the price of April WTI futures rose by 1.48% - to $62.41 per barrel.
The reason behind such a bright euphoria in the oil market was optimism about the state of the United States economy. It became known that the House of Representatives of the US Congress approved a package of state support measures in the amount of $1.9 trillion. Furthermore, the bill must pass the Senate and be signed by President Joe Biden.
In addition, the tense situation around COVID-19 has also started to improve against the background of mass vaccination. Additional optimism was added to the market by the news that the US medical regulator FDA approved the Johnson & Johnson coronavirus vaccine for emergency use.
The most long-awaited event of the coming week for the black gold market will be the OPEC+ meeting. Today, traders are already assessing the possibility of easing restrictions on oil production. Analysts suggest that, in the case of a slight increase in production by OPEC+ countries, the market will adhere to positive dynamics, but a serious increase can significantly worsen the short-term prospects.
Over the past month, world oil prices increased by 17-19%, reporting the highest value since January of last year. In addition, the February price increase was the fourth month of a rise in the price of raw materials. This increase was the strongest since November 2020, when oil prices soared by 27%.
The main reason for the increase in prices for black gold last month was the reduction in oil production by OPEC+ countries in February-March by a total of 1.425 million barrels per day.
Additional support for oil prices was provided by the frosty weather in Texas, which led to serious interruptions in the production of black gold. However, at the end of the previous week, Baker Hughes said that the number of operating oil drilling rigs in the United States over the past seven days increased by 4 - to 309 units. This is the first increase in the indicator in the last 3 months.
On February 26, the last day of winter trading, the price of May futures for North Sea oil mixture of Brent crude sank within the correction by 1.88% - to $64.87.
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