The price of US oil futures broke through $80 for the first time in almost four months, with both US and Brent oil rising for the second consecutive month.

On Friday, March 1st, the price of US crude oil futures broke through $80 for the first time in nearly four months, indicating that the market will tighten before OPEC+ decides to cut production. WTI crude oil futures for delivery in April briefly rose to $80.14 per barrel. In the end, the futures rose by $1.71, an increase of nearly 2.19%, closing at $79.97 per barrel, with a total increase of nearly 4.55% for the week. May Brent crude oil futures rose by $1.71, an increase of 2.09%, to $83.94 per barrel. In February, both US and Brent crude oil prices rose for the second consecutive month, as near-month contract trading prices were higher than later contracts, which is usually a sign of a tightening market. Three sources within the OPEC+ organization revealed that they are considering extending their production cut policy into the second quarter or possibly until the end of the year. It is expected that OPEC and its allies will make a decision on production cuts in early March. The next official Joint Ministerial Monitoring Committee meeting of OPEC is scheduled to take place on April 3rd. Bank of America technical analyst Paul Ciana told clients in a memo on Thursday that Brent oil prices could break through $95 per barrel in the second quarter, as bullish investors become more actively buying at rising lows. Ciana stated that if Brent oil breaks through the resistance level near $85 per barrel, it will confirm an upward trend but should maintain support levels around $80 per barrel in March. If Brent oil drops below this level, the benchmark price could fall to a bottom range of $73-75 per barrel.