Date: a month ago   Category: Financial

Oil sharply rose in price after the meeting of OPEC


The decision on the future of the transaction on volumes of oil production will be made at a meeting of OPEC at the end of June. The world prices for oil of reference brands sharply rose in price on Monday, May 20, against the background of signals that the countries of OPEC incline to extension of the agreement on restriction of production for the second half of the year 2019, Interfax writes. It is noted that support to the market is also given by growth of fears concerning the amplifying conflict between the USA and Iran. So, the cost of July futures for Brent at the London's ICE Futures Exchange is $73.17 for barrel that for $0.96 (1.33%) there is higher than the level of closing of the previous session. The future for WTI for June at the electronic trading of the New York Mercantile Exchange (NYMEX) rose in price for $0.8 (1.27%) - up to $63.56 for barrel. Let's note, the meeting of ministerial monitoring committee of OPEC following the results of which decided to take a waiting attitude until the end of June when holding the summit of all countries of OPEC and not - OPEC where the final decision on the transaction future has to be made is planned took place at the weekend. The committee recommended to OPEC "to continue monitoring and the analysis of a situation in the oil market, paying special attention to a condition of world reserves in the next several weeks to prepare necessary recommendations for the next meeting of the countries of OPEC and not - OPEC in June, 2019, including further actions in the second half of 2019". Let's note, oil cost is also influenced by a situation with "dirty" Russian oil. News from the Correspondent.netv of Telegram. Subscribe for our https://t.me/korrespondentnet channel

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