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Brent crude price exceeds $50 per barrel

January 16, 2015, 14:27 UTC+3 LONDON
Thursday was the last day for trading of the Brent futures for February and trading of futures for March delivery actively started on Friday
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Traders (archive)

Traders (archive)

© EPA / JUSTIN LANE

LONDON, January 16. /TASS/. The price of the benchmark Brent crude exceeded $50 per barrel on the Intercontinental Exchange (ICE) in London on Friday.

Brent futures for March delivery increased by 3.6% as of Friday afternoon to $50.07 per barrel.

Thursday was the last day for trading of the Brent futures for February and trading of futures for March delivery actively started on Friday.

Oil prices showed an upward correction on Wednesday when Brent went up by almost 5% to $48.89 per barrel, after which it started to fall again.

Oil prices were also supported by the OPEC January outlook, which raised the world oil cartel’s estimate of global demand for oil in 2015 to 92.3 million barrels per day from 92.26 million barrels per day.

At the same time, OPEC experts lowered the oil cartel’s outlook for OPEC oil demand by 100,000 bpd to 28.8 million bpd.

Infographics Oil prices over 30 years Oil prices over 30 years
Year-average inflation-adjusted oil price. Infographics by TASS

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