The cost of a barrel of Brent for the first time since March exceeded $55


The price of a barrel of Brent oil on the ICE futures exchange rose more than 1.5%, up to a maximum of $55,09. To achieve this psychologically important mark quotes managed for the first time since March 8, 2017.

Experts attribute the increase in world oil prices so that the market is preparing for the renewal imposed by OPEC and its allies restrictions on oil production as well as reduction of previously accumulated reserves.

“Oil is rising on expectations of reduction of stocks. This is facilitated by data showing that the volume of crude oil held in tankers, from the beginning of the year decreased by 16% and also the factor of the calendar (usually in April-may, oil becomes more expensive)”, — stated in the report of Raiffeisenbank.

At the same time, an analyst at Swiss Bank Julius Baer Norbert Ruecker noted the insignificance of the shortage of supply of oil.

“Given the buoyant shale industry and continuing growth in oil production in countries such as Canada and Brazil, we see no prospects of a significant reduction of the oversupply in the oil market in the near future and the expected decline in prices in the short term,” — said the expert.

Amid rising oil prices the continuing strengthening of the ruble. On Wednesday the dollar on the Moscow stock exchange decreased to 55.8 rubles, the Euro to RUB 59,555

“When prices rise above $55 per barrel of Brent, the Russian currency may strengthen further. Immediate goal is to 55,5 rubles./$.”, — predicts the head of Department of broker operations of RosEvroBank Evgeny Volkov.

Source