Brent crude prices rose to 9 93/barrel, but experts expect them to decline in 2022.

Oil prices are rising for the seventh consecutive week, and during this time they rose by 20% to a 7-year high amid possible Russian military aggression against Ukraine, reduced production in some Exporting Countries and forecasts of further increase in demand.

An additional factor in Friday's speculative price increase was a strong drop in temperatures in Texas, which could lead to disruptions in oil production and supplies from the main US producer region.

On Friday, April Brent crude futures rose 2.4% to 9 93.2/barrel, and US WTI – 2% to.90.3/barrel, adding 15% and 15.8% for the month, respectively.

OPEC + countries on Wednesday decided to increase their plan for oil production in March by 400 thousand barrels, despite the continued excess of global demand over supply.

Additionally, oil prices are supported by:

• The decision of the world's largest oil exporter, state-owned Saudi Aramco, to raise prices for Arab Light in its main markets in Asia, the United States, and Europe by 0 0.6-2.8/barrel compared to February.
• Reduction of global crude oil reserves stored on tankers for at least 7 days by 23% to 80.79 million barrels as of January 28.
• A decrease of 8.5% compared to the average 5-year indicator of US crude oil reserves as of January 28, as well as a decrease in US production for the week by 0.9% to 11.5 million barrels/day, which is 12.2% or 1.6 million barrels/day lower than the record figure of February 2020 – 13.1 million barrels/day.
• Crude oil consumption increased by 0.4% in December to a 9-month high of 18.3 million tons in India, which is the world's third-largest consumer of crude oil.

Analysts believe that if the deficit persists, oil prices will cross the познач 100/barrel mark in the coming months. However, this level cannot be considered stable, as prices above.80/barrel lead to a reduction in demand and active substitution in industries where possible. Therefore, the average price of Brent crude oil in 2022 is expected to reach 7 70/barrel.