The increase in world oil prices ahead of the OPEC summit was accelerated after reports that members of the oil cartel closer to an agreement on the reduction of oil production.
Against the background of optimistic statements by the heads of the oil ministries of Iran and Saudi Arabia the price of a barrel of Brent on the ICE exchange in less than an hour soared almost 6%, reaching the maximum of $50,15. Above $50 the price of a barrel of Brent crude rose for the first time since October 28, 2016.
The rise in oil prices has led to a new strengthening of the ruble. The dollar on the Moscow stock exchange fell to 64,73 RUB, which is approximately 37 kopecks below the closing level of the previous trading session. Simultaneously, the Euro fell by more than 40 kopecks, dropping below 69 rubles., to 68.9 RUB.
“In anticipation of the OPEC decision to limit oil production and the lack of support from the tax period, the ruble was trading slightly above its fair levels. In the case of a negative decision by OPEC can be expected short-term movement to the level 66 RUB/USD. and above. At the same time a positive solution that still may allow the ruble to show strengthening to around 62-63 RUB./$.”, — the forecast of Nordea Bank.
After reaching a peak, the price of Brent went down on the background of statements of the Minister of energy, industry and mineral resources Saudi Arabia Khalid al-falikha that the freezing of Russia’s current output of OPEC are not satisfied.
By 12:45 MSK cost of a barrel of oil on the ICE futures exchange was $49,6.