Oil prices rise slightly

14 Feb 2023 , 10:17 AM

As market players reconsider Russia’s intention to reduce its oil production, oil prices eked out slight gains.

On the New York Mercantile Exchange, the West Texas Intermediate (WTI) for March delivery increased 42 cents, or 0.53%, to settle at $80.14 per barrel. On the London ICE Futures Exchange, Brent crude for April delivery gained 22 cents, or 0.25%, to close at $86.61 per barrel.

Alexander Novak, the deputy prime minister of Russia, revealed Friday that the nation intends to reduce its oil production by 500,000 barrels per day in March.

Novak reiterated that the government will not adhere to any Western price cap and that the purpose of the lowering is to improve the market situation.

Since the US consumer price index for January is scheduled for release on Tuesday, traders were also anticipating US inflation data.

Based on the front-month contracts, the WTI increased by 8.6% while the Brent increased by 8.1% for the week ending on Friday.

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