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WTI Crude Price Reaches $40 Per Barrel, First Time Since 6 March - Market Data

© REUTERS / Angus MordantThe sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019 - Sputnik International
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Earlier, the OPEC+ group agreed to extend oil production cuts for another month, as Brent crude oil prices topped $40 for the first time since early March.

According to market data, the WTI crude price reached $40 per barrel for the first time since 6 March, when prices fell due to the OPEC+ group's failure to reach a deal. 

As of 01:17 Moscow time on Monday (22:17 GMT on Sunday), July futures for WTI crude were trading up 2.7 percent, at $40.00 per barrel.

The price of August futures for North Sea Brent crude oil rose 1.91 percent to $42.78 per barrel, as of 1:20 Moscow time Monday (22:20 GMT Sunday).

The rise in prices comes as the OPEC+ group agrees to extend production cuts by 9.7 million barrels per day until the end of July, continuing to stick to the deal adopted earlier in April. The agreement was reached to overcome the aftermath of pandemic lockdowns that limited travel and the concurrent use of fossil fuels beginning in March.

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