Oil prices continue to rise strongly after a period of long decline.
As of 08:10 MSK, the oil price per barrel of Brent oil increased by 0.57% to 47.98 dollars.
WTI oil increased by 1.07% to 43.02 dollars per barrel.
"We see a widespread market rally, oil is the leader among other raw materials. Revised data on the US GDP for the second quarter, which surpassed forecasts, became the main stimulus," RIA Novosti quotes ANZ analysts.
At the same time, they noted that because of concerns over China's growth, the recovery of raw materials' prices looks fragile.
Associate Professor of the department of stock markets and financial engineering of the Faculty of Finance and Banking of RANHiGS, Sergei Hestanov, in an interview with a correspondent of Vestnik Kavkaza, noted that currently "there is no objective information about what has caused such a sharp move in oil prices." "Firstly, the size of the movement is unusual. The daily fluctuations in the area of 1-2% are typical, even 3-4% per day is considered to be extraordinary. Last night there was fluctuation of more than 10%. It's unusual. And now it is difficult to name objective factors that might explain why this happened," he said.
