Oil prices falling within 1%

World oil prices are falling on April 5 morning - traders continue to assess the outcome of the OPEC+ meeting, according to trading data, Report informs referring to Prime agency.

As of 8:28 (GMT+4) the price of June futures for North Sea Brent crude oil blend decreased by 0.97 percent - to $64.23, May futures for WTI oil - by 0.88 percent, to $60.91 per barrel.

On April 5, the oil market continues to win back the results of the OPEC+ meeting dated April 1, at which the alliance determined the further parameters of the deal.

From May, the alliance will loosen restrictions to 6.55 million barrels per day, from June - to 6.2 million, from July - to 5.76 million. Taking into account Saudi Arabia's voluntary contribution, the alliance in April is cutting production by 7.9 million barrels per day, in May - by 7.3 million, in June - by 6.6 million, in July - by 5.76 million barrels per day.

“OPEC+ tapering was more of a compromise, rather than its confidence in market recovery,” said Vandana Hari, founder of Vanda Insights in Singapore. “Another rollover - with another round of dispensation for Russia - might have strained the cohesion in the alliance.”

“Crude may be in a stalemate for the time being, awaiting further cues from demand,” said Hari. “I expect a continuing tug-of-war on sentiment between a Europe in lockdown and a US racing toward freedom.”