"Saudi Arabia promised in previous negotiations to take on unilateral commitments to cut production by 1 million barrels per day - the unilateral commitment has been fulfilled since February ... This, of course, raises prices," the analyst explained.
According to the expert, the fact that the new US President Joe Biden is not going to lift sanctions on Iran yet also affects the price increase.
Mitrahovic noted that the situation with the pandemic also matters.
“Vaccinations are underway ... This is also one of the reasons to believe that the demand for oil will soon recover, perhaps, soon, on the scale of the year, air travel will resume - this will also increase demand.
So so far the news is so positive, ”he added.
Earlier it was reported that the March futures for WTI oil increased by 1.18%, amounting to $ 57.52 per barrel.
Brent crude oil futures for April delivery rose 1.11% to $ 60 per barrel.