The price of non-Brent oil futures on the London ICE exchange rose to above $86 per barrel for the first time since February 16. This is on Saturday, March 4, according to trading data.
As of 01:59 Moscow time, the price of Brent oil futures for May delivery rose 1.47% to $86, according to the exchange.
Also, WTI oil futures for April delivery rose 2.16% to $79.85 per barrel.
Earlier, on March 3, The Wall Street Journal reported that the cost of Brent and WTI crude oil fell sharply in price after reports of UAE plans to leave OPEC. Abu Dhabi allegedly plans to withdraw from the organization due to disagreements with Saudi Arabia.
The maximum price for May Brent futures fell by 2.8% to $82.41 per barrel. April WTI futures fell as much as possible by 2.9% to $75.88.
On March 2, it was reported that the price of Brent crude rose on the London ICE exchange to $85 per barrel for the first time since February 16. Futures for WTI crude oil for delivery in April 2023 rose by 1.16% to $78.59 per barrel.
The day before, the Russian Ministry of Energy approved the procedure for monitoring prices for Russian oil supplied for export.
According to the document, monthly monitoring is carried out in relation to the price of Urals oil, shipped from the ports of Novorossiysk, Ust-Luga, Primorsk, and ESPO oil from Kozmino. The Ministry of Energy will monitor oil prices based on data from the St. Petersburg Commodity and Raw Materials Exchange, the Argus agency and the Federal Customs Service.
On the same day, the Ministry of Finance of the Russian Federation reported that the average price of Urals oil in February was $49.56 per barrel, which is 1.86 times lower than in February 2022. In the first two months of last year, it was $88.89.
On February 23, Russian President Vladimir Putin signed a decree on limiting the discount on Russian Urals oil in relation to Brent. The measure was taken to calculate oil taxes. It will take effect from April 1st.
