Oil prices rose 5% amid OPEC

Meeting of Ministers of petroleum and energy of member countries of OPEC

As at 22:35 the price of a barrel of North sea Brent reached $47, which is 5.8% above the opening level. At the same time more than 5.5% increased the price of Texas WTI. The price of a barrel reached $45,80.

As reported by Reuters, the reason for the rising prices were evidence that OPEC will still be able to reach an agreement on reducing production. In particular, we are talking about the convergence of Saudi Arabia, on the one hand, and Iran, Iraq, Nigeria, Libya, on the other.

As notes the edition “Finam”, the positive dynamics in the oil market may persist on the background of the meeting of the gas exporting 17 June in the capital of Qatar, as well as in anticipation of data on oil reserves in the United States, which shall publish the American petroleum Institute.

Previously, the breakdown of negotiations, the OPEC countries led to the fact that the price of Brent on the eve for the first time in three months fell below $44.

Decrease in quotations in the beginning of the month was also helped by the news of the election of Donald trump President of the United States. However, after a small decline the situation on the stock exchange stabilized.