Oil prices fell to a monthly low


Oil prices fell to a monthly low during today’s trading, the price of a barrel of Brent crude on the ICE futures exchange fell to $for 47.19, which is to be $1.78 or 3.6% below yesterday’s closing level. So cheap a barrel of Brent should not have may 12, 2016.

Analysts attributed the fall with fears of investors about the outcome scheduled for June 23, 2016 in the UK referendum on a possible exit from the EU (Brexit).

“The fear of the risk of Brexit vote on next week forces you to take profits on long positions in anticipation of this event,” explained Reuters, senior energy economist at ABN Amro in Amsterdam Hans van kleef.

The same opinion adheres and oil Natixis analyst Abhishek Deshpande. According to him, investors are derisking as long as prices are close to the maximum performance since the beginning of the year.

“We do not expect quick quotes back to the highs of last week — in the near future, investors will likely be interested only in the prospect of a British exit from the EU. In addition, Nigeria may soon resume oil production, but Canada already recovers it to the level observed prior to the forest fires. Finally, although the oil reserves in the vaults of the United States decline, the current level (531,5 million barrels). still about 33% above the average for this time of year over the past five years,” said analysts at Sberbank CIB Dmitry Kolomytsyn and Iskander Lutsky.

Earlier today, energy Minister Alexander Novak said at the St. Petersburg international economic forum that his Agency sees a risk of lower oil prices at the end of 2016.

The fall in oil prices led to the depreciation of the ruble against the dollar. The high value of the dollar during today’s trading on the Moscow exchange rose to of 66.09 RUB 57,75 kopecks above yesterday’s closing level.

To 18.25 the cost of a barrel of Brent crude on the ICE futures exchange was $47,63, the dollar on the Moscow exchange, corrected up to 65,8 RUB.