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The oil price is rising, a new height has been scaled – $52 per barrel

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The oil price is rising, a new height has been scaled – $52 per barrel
May 15
09:00 2017

Today, oil prices are actively growing. At the moment “black gold” has managed to overcome the mark of $ 52 per barrel. This is about Brent crude oil, regarding July futures on the London Stock Exchange ICE Futures.

Such growth is explained by the fact that the Russian Federation and Saudi Arabia have announced their intention not to increase the volume of the extracted resource within the next nine months. These agreements were reached between Alexander Novak, Minister of Energy of the Russian Federation, and Khalid al-Falih, Minister of Energy of Saudi Arabia during the talks in Beijing.

Thus, the current agreements on the reduction of the production have been prolonged at least until April 1, 2018. The agreements cover 24 countries, both members of the cartel and those ones that are not part of OPEC.

Experts expect that the trend for the growth of oil quotes will continue. In addition to Brent oil, WTI crude oil, which is traded on the New York Mercantile Exchange, has also showed a positive dynamic. At the moment, it costs $ 48.93 per barrel referring to June futures.

Also, it is worth expecting the impact of this news on other quotes. Thus, the Russian ruble has shown a steady growth today. The positive trend preserves.

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