Concerns about oil surpluses in the markets have caused prices to fall

After reaching new 13-month highs on Thursday, oil prices fell at the end of trading and continued to decline on Friday, falling by almost 2 percent at the start of trading. Market developments have been affected by concerns that the return of refineries to operation after the Texas frost will take some time, which could lead to a surplus of oil in the market. In addition, oil production is expected to increase from OPEC + Member States. "We expect oil production and supplies, including imports, to recover faster than refinery-constrained Texas frost production," said Vand Insights analyst Vandana Hari. Weak demand from Texas refineries would lead to an increase in commodity stocks in the coming weeks, even as frosts have shut down some mining facilities. In addition, OPEC + (the Organization of the Petroleum Exporting Countries (OPEC) and other producers, led by Russia), is attracting the attention of the markets. OPEC + sources told Reuters that, given the recent rise in commodity prices, producers could ease the mining restraint program after April. The price of the Brent North Sea oil mixture with delivery in April reached USD 63.19 (EUR 52.29) per barrel (159 liters). Compared to the previous deadline, this represents a decrease of 74 cents. The price of US light oil WTI with the March contract reached USD 59.69 per barrel. Compared to the previous deadline, this represents a decrease of 83 cents. In both cases, the price reached new 13-month highs during Thursday's trading, with the Brent price exceeding $ 65 and the WTI price $ 62 per barrel. The development of precious metal prices was mixed. Gold rose by $ 2.20 to $ 1,775 an ounce, but the price of silver fell 24 cents to $ 27.08 an ounce.