The price of Brent crude oil fell below $63 per barrel for the first time since February 22, according to trade data from the ICE exchange. During the trades, oil dropped to $62.54 per barrel.

At the minimum of oil, WTI traded at $59.47 per barrel, later the price rose to $60.02 per barrel. The decline in prices is expected on the eve of the next meeting of the OPEC+ events, which will propose a softening of the current limitation on production this week.

Earlier it was reported that the cold brought down oil production in Russia in February, which didn’t allow the country to increase production as agreed in the framework of OPEC+. From 1 to 25 February 2021, the average level of oil production in Russia ranged from 9.153 million barrels to 10.093 million barrels per day. This is 30 thousand or 77 thousand barrels less than in January.