Crude oil prices hit 3-week high

In the New York market, the price of crude oil in the US market increased above 40 USD/barrel for the first time in 3 weeks, while the price of Brent oil reached a 4-month high.

Crude oil prices rose above $40/barrel. Illustrative photo

The decline in the US dollar and the hope of a commitment have pushed oil prices up 7% since last Friday's session and continued to increase this week. Accordingly, in the second session (April 11), the price of light sweet crude (WTI) for May delivery on the New York market, the US increased by 64 cents (1.6%) to $40.36/barrel. Meanwhile, in London, the price of North Sea Brent crude for June delivery increased by 89 cents to $42.83/barrel.

According to TD Securities expert Bart Melek, the market is waiting for the results of a meeting of some OPEC and non-OPEC members in Doha on April 17 to discuss oil production to decide whether to maintain production at the average level of January or February. In addition, oil production figures in the US are at a low level of just over 9 million barrels. Investors hope that this week, daily oil production will fall below 9 million barrels.

However, many experts have warned that the decrease in US oil reserves last week is only temporary. Along with that are not too optimistic comments about the impact of the upcoming Doha meeting on the market. Even experts from Morgan Stanley said that pessimism will return this week.

According to Justice