World oil prices on Friday continued to rise, the Brent oil remains at the maximum from 23 June – above $51 per barrel, according to the auction.

As of 08.47 cost of the October futures for North sea petroleum mix of mark Brent has grown on 0,37% – to $51,06 per barrel. Price of the September futures on WTI increased by 0.77% to $48,59 per barrel.

Support for the oil market have expectations of actions of the largest manufacturers for the restoration of the balance of supply and demand. Last week the President of OPEC, Minister of energy of Qatar Mohammed bin Saleh al-Sada said that the cartel is planning to hold an informal meeting on the sidelines of the International energy forum in September in Algeria. Later, Saudi Arabia and Russia also expressed readiness to participate in coordinated action to support the market.

At the same time, some investors doubted the success of this meeting, in particular, the possibility of frosts in production countries of the cartel. Many of them have now reached the highs of production.

Credit Suisse economist on issues of world energy Jan Stuart expects prices of oil will remain in the range of $45-50 per barrel, as significant fundamental changes in the market. “The best that can be expected from Russia, Saudi Arabia, Iran and Iraq – contract wage war for market share”, – he said.

Source: Prime

The oil continues to rise: the price of Brent topped $51 19.08.2016

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