Futures price for Brent crude during trading on the ICE for the first time since 1 February 2016 rose above $36 per barrel. The high price of oil jumped to $36,16, which is almost 2.5% higher than the closing level of the previous trading session.
Analysts attribute the increase in crude oil quotations with messages about the continuation of negotiations, major oil-producing countries to freeze production. Earlier, the Minister of petroleum industry of Venezuela, Eulogio del Pino reported that Saudi Arabia, Qatar and Russia agreed to hold this meeting in mid-March.
“Oil prices attempted growth on the speculation surrounding the next scheduled meeting of Russia and some OPEC members. Nevertheless, we believe doubtful that the agreement to freeze production will be reached in March. In addition, we must understand that the agreement is likely if will be, it is formal, because historically even if the quota of the OPEC countries are virtually never observed. In General, we do not expect that oil will be able to confidently consolidate above the $USD 36.5/bbl. amid these speculations,” notes the analyst of PSB Ekaterina Krylova.
According to an analyst at Nordea Bank Denis Davydov, the markets will continue to monitor the situation and in the case of new positive signals may be followed by a new “emotional lift”.
“However, we are not inclined to rely on its duration and severity. Brent is unlikely to go above $40/bbl. until a more thorough signal on the fundamental side. Conversely, if the parties fail to agree, then sales can not be avoided, and in this case, $30 will be a “test of strength” — warned the expert.
The rising oil prices led to the strengthening of the ruble. During today’s trading on the Moscow exchange, the dollar fell to 74,69 rubles, Euro — up to 82,28 RUB.
By 13: 30 Moscow time the price of a barrel Brent crude on the ICE stock exchange was $35,86, the dollar came back to around 75,02 RUB, EUR – RUB 82,68