Baku, Azerbaijan, Feb.27
By Leman Zeynalova – Trend:
World oil prices are rising on Feb.27 amid the optimism of investors on the implementation of the Vienna oil output deal by the producers.
The price of April futures for Brent crude oil has increased by 1.18 percent to $56.65 per barrel as of 04:53 EST. The price of April futures for West Texas Intermediate (WTI) oil has grown by 0.85 percent to $54.45 per barrel.
Earlier, the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) said in its January report that OPEC and non-OPEC producers have achieved a conformity level of 86 percent.
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee reported that OPEC and non-OPEC countries are on the right track towards full conformity with their adjustments in production.
The JMMC noted that there is still room for improvement to reach 100 percent conformity, and, in this regard, urged all parties to press on towards full and timely conformity.
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