On Thursday, oil prices declined, but closed February on a confident note of growth. The current price of Brent oil is $82.00 per barrel. The figures at the end of January were fixed at $77 per barrel. North American WTI oil shows similar dynamics: February closing at $78.60, January closing near $72 per barrel. In the month ending, both Brent and WTI rose by more than 3.5%. Currently, both grades of oil are trading near the upper limit of this year's price range. The market is supported by both production restrictions from OPEC+ countries and tensions in the Middle East, including problems with cargo transportation through the Red Sea. On Wednesday, Western media reported that OPEC+ is considering extending voluntary restrictions on oil production for the second quarter of this year. Oil reserves in the United States increased for the fifth week in a row, and production in the United States remains at an all-time high. Analysts note that the global oil market is shrinking, as can be seen from the analysis of time spreads, which indicate a backwardation in the market (when later contracts are traded at a discount to the nearest ones).
