The price of oil showed the longest monthly rise in five years

The price of oil in may, up 8%, demonstrating the longest monthly gain since 2011, said Tuesday the Agency Bloomberg.

Futures for a barrel of oil WTI with delivery in July on the stock exchange in new York on Tuesday morning was trading at a price of $49,59, adding $0,26 compared to the closing price of trading on Friday (Saturday, may 30, trades on the new York stock exchange was not, as in the United States had a day off due to memorial Day). According to Bloomberg, the price increase of crude oil price in may was the longest monthly gain since April 2011.

The cost of Brent oil, which at the end of may for the first time from November 2015 rose above $50 per barrel, in may also showed the longest gain since 2011, the Agency said. Brent crude for July delivery on London’s ICE Futures Europe exchange fell $0.09 to $remaining 49.67 per barrel after rising 0.9 percent on Monday.

Bloomberg explains the rise in prices to reduced supplies in several countries, in particular, due to forest fires in Canada and militant attacks in Nigeria. Thursday, June 2, the Organization of countries-exporters of oil will gather for a summit in Vienna to discuss its policy towards mining. Analysts interviewed by the Agency, doubt that OPEC will reach an agreement to limit production.