The price of Brent returned to the level of $80 per barrel

Oil quotes increased their growth on Friday afternoon, continuing the upward trend of yesterday. The current price of Brent oil is $80.30 per barrel, North American WTI oil is trading near $76.20. 

In the previous session, Brent rose in price by 1.9%, and WTI – by 2%. However, both brands end the week with a negative result due to OPEC+'s decision to gradually lift additional production restrictions starting in October this year.

Last weekend, OPEC+ participants extended the current production quotas for the whole of next year, maintaining additional restrictions in the amount of 2.2 million barrels per day until the end of September, and then plan to gradually remove them.

Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman called the last OPEC+ meeting one of the most successful, and OPEC Secretary General Haissam al-Gais expressed optimism about maintaining high demand for oil in the world.