The price of Brent crude oil rose above $41

The world prices for oil continue to grow after the publication of data on the reduction of oil reserves in the U.S. and on the eve of the Doha meeting, which may be decided to freeze oil production. In the course of trading on the exchange ICE futures price for Brent crude for the first time since the end of March 2016 rose above $41.

On the maximum cost of a barrel of Brent reached the level of $41,42, which is 5,05% higher than the closing level yesterday.

The rapid growth in oil prices has given new impetus to the strengthening of the ruble. During today’s trading on the Moscow stock exchange the dollar exchange rate came close to 61 rubles, which is more than the ruble below the close of yesterday’s trading.

Simultaneously, the Euro dropped to 76,12 RUB, or 1.26 less than it was at closing yesterday’s trading.

“The key driver for the rise is oil. The reduction in the number of drilling in the U.S., as well as the gradual reduction of stockpiles in the U.S. storage returned the interest in this type of raw material. Also a positive factor for the Russian currency remains quite tough policy of Bank of Russia on the background of stimulating policy of the leading world Central Bank. In General, fundamental factors are more likely the further strengthening of the ruble than Vice versa, but to perform any action before the release of the pair dollar/ruble in the range 66,5–69,5, in our view, extremely risky,” – says Ivan Kopeikin, FG BCS expert.

To 16.00 MSK cost of a barrel of Brent crude on the ICE stock exchange was $41,22, the dollar on the Moscow stock exchange reached 67,09 rubles., the Euro – 76,25 RUB.