Oil prices up sharply after oil cartel meeting
OPEC+, which consists of OPEC and other allies, is keeping its oil production constant at a lower level. Thus, the production cuts already in place will be extended until April.
This was decided by the oil cartel at a meeting on Thursday. It was also decided that thereafter production will not be increased immediately, but gradually.
Oil prices at highest level in almost 14 months
After the decision, oil prices for Brent and WTI rose sharply. As reported by the Reuters news agency, they are currently at their highest level in almost 14 months. Thus, on Friday, a barrel of Brent crude costs $68 at times. The price of the Brent variety was at times at 65 dollars per barrel.
Further price increases expected
Some analysts now expect further increases in oil prices. Goldman Sachs, for example, expects the price of Brent crude to rise to 75 dollars per barrel in the second quarter. For the third quarter, the U.S. bank even expects a price of 80 dollars per barrel of this type of oil.
The Swiss bank UBS also sees a price of 75 dollars per barrel of the Brent variety, in the second half of this year. For the WTI variety, it predicts an increase to 72 dollars per barrel.