FreshForex analysts reported that geopolitical conflicts, the prospects of OPEC+ oil production cuts, and the dollar's depreciation contributed to the resumption of oil price growth.

As of today, the price of BRENT oil exceeds $85 per barrel.

OPEC+ members are maintaining their policy of limiting oil production and, according to Bloomberg, will not revise production norms at their meeting on April 3.

According to UBS Group AG analyst Giovanni Staunovo, the rise in oil prices is being driven by positive data from China, including refinery throughput, which reached an all-time high of 118.76 million tons, and an increase in global demand for oil.

A recent forecast by Goldman Sachs points to an increase in the cost of commodities this year due to lower central bank interest rates around the world. FreshForex analysts note that the same opinion is held by Macquarie Group and Carlyle Group.

Currently, FreshForex traders have 64% of open positions on the upside and only 36% on the downside.

FreshForex has been operating since 2004 and provides its clients with high-quality service and a wide range of market analysis tools. In addition, the broker's website contains a large base of educational materials, which is useful not only for beginners but also for experienced traders.