Oil completed the first month of the year with a significant increase

On the first day of February, the oil market continues to demonstrate stability in the area of previously achieved high values. The current Brent oil quote is $89.60 per barrel, North American WTI oil is trading near $88.50 per barrel. 

By the end of January, the asset showed the most significant rise in a year. This was facilitated by a shortage of supplies, as well as geopolitical tensions in Eastern Europe and the Middle East.

Investors are waiting for tomorrow's meeting of the OPEC+ meeting, at which a decision will be made on oil production in March. Market participants believe that the alliance countries will continue to increase their total production by the planned 400 thousand barrels per day on a monthly basis.

Some analysts even expect the price of oil at $100, because expectations are high that supply will not come close to demand (since OPEC+ will set goals for a gradual increase in production, which they will not be able to achieve). 

According to reports, OPEC+ countries are under-supplying oil to the market more than planned, due to accidents and repairs in a number of countries, as well as a lack of investment in recent years. In addition, concerns remain about the production of «black gold» against the backdrop of growing geopolitical tensions between Ukraine and Russia, which also supports the growth of hydrocarbon prices.