Oil prices showed steady growth on Friday, with Brent quotes exceeding $79 per barrel for the first time in three months. On the London ICE Futures Exchange, March Brent futures rose by 3.25% to reach $79.45 per barrel by 14:36 Moscow time. February WTI crude futures on the New York Mercantile Exchange (NYMEX) added $2.07 (3.22%), rising to $76.34 per barrel. A day earlier, Brent and WTI also showed growth, adding 1% and 0.8%, respectively. The market is supported by data on the reduction of reserves at the terminal in Cushing, which stores oil traded on the NYMEX, to a minimum since 2014. An additional factor was the fear of tougher sanctions against Russia and Iran. Analysts have improved their forecast for oil prices in the first quarter: for Brent – to $71 from the previous $65 per barrel, for WTI – to $67 instead of $61. Experts note that the price increase is due to expectations of geopolitical risks that could affect Iranian oil exports, as well as increased demand for heating due to cold weather, which reduces oil reserves in the United States.
