The oil market is frozen in anticipation
The cost of May futures for Brent at the electronic trading of ICE Futures on February 27 increased by 0.73% to $71.36 per barrel, and at the electronic trading of NYMEX futures for WTI oil for April rose by 0.87% to $65.78 per barrel.
Market reacts to geopolitics
As neftegaz.ru notes, the market is evaluating the statements on the results of the U.S.-Iranian negotiations held in Geneva and waiting for the upcoming meeting of the eight OPEC+ countries, which will be held on March 1.
The third round of negotiations with the U.S. brought successes, reported the head of the Iranian Foreign Ministry A. Araqchi. In particular, he reported progress on the nuclear issue and on the issue of lifting sanctions, reports Al Jazeera TV channel. At the same time, the Minister specified that the differences between the parties remain, and the fourth round of negotiations may take place next week.
At the same time, U.S. Vice President D.J. Vance said that the U.S. would not be drawn into a prolonged war in the Middle East, although President Trump is still considering strikes against Iran.
Against this background, the upcoming OPEC+ meeting scheduled for March 1 comes to the fore. According to the Western media with reference to sources, this group of countries intends to consider the issue of increasing oil production by 137 thousand barrels per day from April. This could push futures down.
