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The cost of Brent oil exceeded the mark of $ 80 per barrel

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The cost of Brent oil exceeded the mark of $ 80 per barrel
May 17
09:00 2018

The increased geopolitical risks in the Middle East and on the Korean peninsula accelerated the growth of oil prices. For the first time since November 2014, futures for Brent crude oil (now July contracts are being traded) have exceeded the mark of $ 80 per a barrel.

This Thursday, energy ministers from Saudi Arabia and the United Arab Emirates (UAE) held a telephone conversation, during which they discussed recent volatility of oil prices. Javier Blas, chief energy correspondent at Bloomberg News, said that the ministers were concerned about the price increase. They are worried about the fact that geopolitical events affect the market more than a sufficient supply of resources.

“The progressive global demand for oil, the current agreement on production constraints among the OPEC countries and the growing wave of the geopolitical risk-these factors combined lead to the price increase,” said Robbie Fraser, commodity analyst at the company Schneider Electric.

Prices for Brent crude oil have increased by almost 20% in 2018. This was facilitated by a reduction in oil refining from large producers and an increase in tensions in the Middle East.

“I think that at the moment oil has potential for the growth. A new range is likely to be between $ 72 and $ 85 per barrel, “said Michael Hewson. He continued, “I can’t rule out the situation that the oil price will rise to $ 90 per barrel.”

The market listens to the opinion of Michael Hewson, since he is the chief analyst of the commodity market at CMC Markets.

The team of Money-Investing has prepared the statistics of oil futures prices:

– on the London Stock Exchange ICE Futures Europe,  July futures for Brent has grown by $ 0.9, reaching a peak of $ 80.18 per barrel,

–  WTI oil has jumped above $ 72 per barrel for the first time in three and a half years.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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