The prices for Brent crude rose above $48 per barrel for the first time since March 6, 2020, when the OPEC+ countries failed to agree on changing the parameters of the oil production cut deal.
So, as of 05:45 Moscow time, the price of February futures for Brent reached $48.33 (+ 1.17 percent). January futures for Light Texas WTI crude rose 1.16 percent to $45.42 per barrel.
The collapse of oil prices took place in March against the background of information about the failed negotiations of the OPEC+ countries in Vienna, where the parties failed to agree on a reduction in crude oil production amid falling demand due to the spread of coronavirus.
NEWS.ru reported earlier that China might become the world leader in oil refining in 2021, pushing the US, which dominated the market since the mid-19th century, to second place.