Oil prices reach $68 per barrel amid expectation of OPEC+ meeting

Global oil prices on Tuesday afternoon accelerated growth, with the cost of Brent crude oil rising above $68 per barrel for the first time since March 18. However, traders continue to playback news about the immutability of the terms of the agreement on limiting oil production within OPEC+, according to trading data.

Report informs, citing Prime, that the price of June futures for the North Sea Brent oil blend earlier in Tuesday's trading reached the level of $68.06 for the first time since March 18. And as of 13.23 (Baku time), this price is also growing by 1.13%, to $67.81 per barrel.

Moreover, the price of June WTI futures increased by 1.14%, to $64.15 dollars per barrel, while May futures gained 1.23%, settling at $64.16.

Traders continue to assess the news about the April meeting of OPEC+. The day before, Bloomberg reported that the alliance is mulling the possibility of holding only a meeting of the monitoring committee on April 28, without a general meeting. Some adjustments could be made to the conditions of production restrictions.

Investors are also paying attention to the news from Libya. On Monday evening, the Libyan National Oil Corporation announced that due to months of delays in payments from the country's central bank, production and export of crude oil through the port of Al-Hariga were suspended.