The price of Brent crude oil rose above $53 for the first time since April 21

© AP Photo / Hasan JamaliДобыча oil. Archival photoThe price of Brent crude oil rose above $53 for the first time since April 21© AP Photo / Hasan Jamali

The price of oil on Friday continued to increase, the price of oil Brent for the first time since April 21 rose above $ 53 per barrel, according to the auction.

As at 11.03 GMT the cost of July futures for North sea petroleum mix of mark Brent has grown 0.90% to 52.98 per barrel. Earlier in the trading Friday, the price rose to the level of 53.01 dollar for the first time since April 21. The price of the June futures on WTI increased by 0.93% to 49.81 percent.

According to the head of the office of energy research ICIS China Li Li (Li Li), which reports the newspaper The Wall Street Journal, the rise in oil prices on Friday caused by investors ‘ optimism ahead of a meeting of OPEC countries. Experts expect the price of oil will only be «slightly higher until the end of the month», significant jumps in the price the analyst predicts.

On 30 November, OPEC agreed to reduce its production by 1.2 million barrels a day from October level. 11 non-OPEC countries, 10 Dec agreed to reduce its production a total of 558 thousand barrels per day, including Russia 300 thousand. The agreement was concluded for the first half of 2017 with possibility of extension.

The question of the extension of the agreement will be considered at the Ministerial meeting of the monitoring Committee on 24 may in Vienna, and then at a meeting of OPEC and countries outside the cartel, may 25. As expected, the agreement will be extended for nine months.

Earlier in the joint statement of Ministers of energy of Russia Alexander Novak and Saudi Arabia Khalid al-falikha was said that the two countries will offer the rest to extend the agreement’s current terms for a further nine months — until April 1, 2018. The day before, on Thursday, the Minister of energy of Algeria Noureddine Boutarfa said that, in his opinion, most of the countries participating in the agreement supports this proposal.

The price of Brent crude oil rose above $53 for the first time since April 21© RIA Novosti, Informaticompletion: from exploration to the consumer

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