Crude oil rising on signs of demand recovery and production cuts by OPEC+ countries

Oil prices are rising this morning - at 9:00 a.m. the Brent brand rose by 1.89%, WTI - by 3.19%. The growth driver is the growing optimism of investors about restoring the balance in the market and global demand. The positive news was Russia's announcement that its oil production decline has reached the quotas set by the OPEC+ agreement, in particular 2m bps. Commenting on the situation, ANZ bank analyst Daniel Hines said that the decline in production now meets market expectations. Recall that the current OPEC+ agreement on production decline came into force in early May. The next meeting of the alliance will be held in early June, at which member countries will discuss the continuation of production cuts to stimulate prices. Oil quotations are also strengthening against the background of the countries' easing of restrictions due to the coronavirus pandemic. Players expect an increase in demand for rough, which is already showing signs of recovery.