The cost of a barrel of Brent during trading on the ICE exchange in the evening on Tuesday rose 1.2%, reaching $49,02. The last time above $49, Brent futures traded on 7 July.
The reason for the rise in prices were reported on the negotiations of the OPEC countries to freeze production, according to Bloomberg. In particular, the mood of traders was affected by the words of the Minister of energy of Saudi Arabia, who said that his country is ready to make the necessary actions to stabilize the situation on the market.
In late July, both oil benchmark (WTI and Brent) came back to the “bear” cycle: prices fell by 20% relative to the June peak near $40, but then resumed growth.
According to experts UniCredit, the oil market still can not achieve a real rally. According to them, it is not necessary to wait for a miracle from the informal OPEC meeting in late September, as against limiting production continues to be Iran and Saudi Arabia could put an end to the discussion of this issue and will keep production volumes at high levels.
“If this happens, the rate of decline of reserves in the fourth quarter of 2016 and first quarter 2017 will decline, which will limit the growth of prices levels of $50-55 per barrel versus our current forecast of $62 per barrel and $69 per barrel respectively,” — stated in the message UniCredit/Energy Aspects.
Despite rising oil prices, the exchange rate of the ruble against the dollar and the Euro has varied during the trading session different directions. As of 18:45, the dollar was down by 0.28% to reach RUB 63,85 the Euro exchange Rate rose by 0.55% to reach RUB 72,03