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The price of Brent crude exceeds 121 dollars per barrel on the London futures exchange for the first time since the end of March

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The price of a barrel of Brent oil reached 121 dollars per barrel at 18:03 (GMT), increasing 2.24 dollars compared to the close of the last trading day of the European futures exchange.

While the Union The European Union valued the possibility of applying a total embargo on Russian oil exports, the price of Brent crude oil exceeded 121 dollars per barrel on the London futures exchange on Monday, reaching its maximum price in the last two months, Reuters collects.

According to reports, the North Sea hydrocarbon futures contract, used as a reference in the European market, reached 121.67 dollars per barrel, a price that represents an increase of 2.24 dollars, or 1.9%, compared to the previous trading day, in which it registered a price of 119.43 dollars.

According to analysts from Commerzbank, one of the most important banks in Germany, quoted by the British agency, “one of the the reasons given for it is the imminent lifting of coronavirus restrictions in Shanghai, which is raising hopes that oil demand will pick up again in China”.

In this context, sources with knowledge of the matter informed Reuters that the Organization of Petroleum Exporting Countries (OPEC) and its allies, among which Russia stands out, will meet on Thursday to express its rejection of Western requests to speed up the increase in production, thereby maintaining the agreed production of 432,000 daily barrels.

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