This morning the New York futures for Brent rose 1.29% to $ 56.34 and WTI rose 1.04% to $ 53.54. Thus, the black gold prices traded in positive territory on the background of the high import in China and reduced OPEC production.

In January China increased its oil imports by 27.5% year on year to 34.03 million tons. This is the third record figure, which nevertheless inferior to the level seen in December, when the purchase of China's crude oil amounted to 8.57 million barrels per day.

OPEC countries including Russia, previously agreed on joint production decline by about 1.8 million barrels per day in order to restore balance in the global market. To date, production cuts by all the contracting countries is at least 1.1 million barrels per day.

As Reuters calculations showed, OPEC oil production in January fell by more than 1 million barrels, mainly due to Saudi Arabia. In January Rusia has reduced production to 11.11 million bpd from 11.21 million bpd.