The price of Brent reached $78 per barrel
In the course of trading on Tuesday, oil prices reference marks are updated maxima for 3.5 years. Growth is observed on the background of escalating tensions in the middle East and a positive monthly report from OPEC, reports “Interfax”.
The July futures for Brent on London’s ICE Futures exchange to 8:11 kV rose $0,05 (0,06%) to $78,28 per barrel.
U. S. crude for June delivery in electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time to $0,03 (0,04%) to $70,98 per barrel.
At the end of trading on Monday, Brent crude rose $1.11, or (1,44%) to $78,23 per barrel, WTI has increased in price $0,26 (0,37%) and has reached a level of $70,96 per barrel.
“Clashes in Israel worsened market sentiment due to the geopolitical risks in the middle East, despite the fact that these events will not have a direct impact on the supply and demand of oil,” – said a senior analyst at Sumitomo Corporation Global Research Co. Mikiko Tate.
According to the report of OPEC, the level of oil stocks in countries of the Organization for economic cooperation and development (OECD) by the end of March fell to 2,829 billion barrels. This is higher than the average 5-year level of 9 million barrels. This value is currently the indicator of the effectiveness of the transaction OPEC+ to limit oil production.
However, the group has raised growth forecast for global oil demand in 2018 by 25 thousand b/d. In April, OPEC increased oil production by 12 thousand barrels per day (b/d), the agreement on restriction of volumes of extraction performed at 166%.