US oil futures hit their highest level since October 2018 after OPEC+ issued a forecast of a more tense global market.

WTI rose 3 percent from Friday’s close to the level of $68.31 per barrel. Brent reached $70 per barrel – no such price has been recorded since 2019.

The OPEC+ forecast says that there is almost no excess oil accumulated during the pandemic, and by the second half of the year, stocks will begin to decline rapidly. It is assumed that at the upcoming meeting of the organization, the planned increase in oil production in July will be agreed.