Oil prices rise

Brent oil has reached a price of $66.18 per barrel, almost making it to the level of $66.71 per barrel of December 11, 2014, as seen at the ICE, London Exchange. As of 8.51pm, the dollar was worth 51.518 rubles. As of 8.45pm, the euro was worth 57.739 rubles. The dollar will cost 51.14 rubles on May 1, the euro 57.16 rubles, Lenta.ru reports.Valery Nesterov, an analyst of Sberbank CIB, told Vestnik Kavkaza that the main factor of such rapid growth of oil prices was the reduction of shale oil extraction in the US, rise of the demand for oil, the situation around Yemen, shortage of supplies from Libya, falling exports of Saudi Arabia and Iraq. Investments, according to the analyst, dropped by an average of 10-30%. Manufacturers do not expect the oil prices to amount to $80-90 per barrel in the near future, the expert supposes.Alexey Belogoryev, deputy director for energy at the Institute of Energy and Finances, named the following causes of the current developments: the unclear dynamic of the dollar rate, uncertainty around the Iranian nuclear program, overall geopolitical instability and vagueness of situation until the end of June (the deadline of the negotiation proces). The aforementioned factors, according to the expert, have a short-term effect. He believes that key players have a misunderstanding of the market in terms of currency trading and the balance of supply and demand.

Brent oil has reached a price of $66.18 per barrel, almost making it to the level of $66.71 per barrel of December 11, 2014, as seen at the ICE, London Exchange. As of 8.51pm, the dollar was worth 51.518 rubles. As of 8.45pm, the euro was worth 57.739 rubles. The dollar will cost 51.14 rubles on May 1, the euro 57.16 rubles, Lenta.ru reports.Valery Nesterov, an analyst of Sberbank CIB, told Vestnik Kavkaza that the main factor of such rapid growth of oil prices was the reduction of shale oil extraction in the US, rise of the demand for oil, the situation around Yemen, shortage of supplies from Libya, falling exports of Saudi Arabia and Iraq. Investments, according to the analyst, dropped by an average of 10-30%. Manufacturers do not expect the oil prices to amount to $80-90 per barrel in the near future, the expert supposes.Alexey Belogoryev, deputy director for energy at the Institute of Energy and Finances, named the following causes of the current developments: the unclear dynamic of the dollar rate, uncertainty around the Iranian nuclear program, overall geopolitical instability and vagueness of situation until the end of June (the deadline of the negotiation proces). The aforementioned factors, according to the expert, have a short-term effect. He believes that key players have a misunderstanding of the market in terms of currency trading and the balance of supply and demand.