According to experts, oil prices are rising as participants of the OPEC+ deal are reducing the output.
Brent crude futures with delivery in April advanced by 0.35% to USD 62.98 per barrel. At the same time, WTI oil futures with delivery in March inched up by 0.02% to $55.27 per barrel.
Two key factors provide support to oil futures. First, the OPEC+ countries are cutting production. Second, supplies of the commodity from Venezuela are expected to decrease due to American sanctions.
Analysts predict that output cuts can have a positive impact on the demand to supply ratio in the global market. They hope that the current situation along with a decline in production in Saudi Arabia and Libya will rebalance the oil market.
