Prices for benchmark oil continued to decline during morning trading, Report informs referring to Interfax.

The market perceived the announced extension of voluntary restrictions on production by OPEC+ countries as a signal of weakness in the global oil market.

The May futures price for Brent on the London ICE Futures exchange was $82.63 per barrel, which is $0.17 (0.21%) lower than the closing price of the previous session.

On March 4, these contracts fell in price by $0.75 (0.9%) to $82.80 per barrel.

Quotes of WTI oil futures for April in electronic trading on the New York Mercantile Exchange (NYMEX) decreased by $0.29 (0.37%) and amounted to $78.45 per barrel.