Oil rises on IMF forecasts of global growth

© RIA Novosti / Vitaly to Timepiece in fotosannette the machine-rocking. Archival photoOil rises on IMF forecasts of global growth© RIA Novosti / Vitaly to Timepiece the image Bank

World oil prices rise Tuesday morning on the forecasts of the International monetary Fund (IMF) for global growth, according to the auction.

As at 08.19 GMT the price of March futures for North sea petroleum mix of mark Brent have grown on 0,48% — to 69,36 per barrel. The price of the March futures on WTI increased by 0.58%, to 63,94 dollars per barrel.

On Monday, the IMF forecasts improved growth of the world GDP in 2018 and 2019, by 0.2 percentage points to 3.9%, compared with the October assessment. Fund analysts pointed out that the improvement of the forecast is influenced «surprises in terms of growth (economies), which is particularly evident in Europe, Asia… in emerging markets and developing group of economies.»

According to traders, the oil market as a whole is well supported by healthy economic growth, writes Reuters. «The economic Outlook and more seasonal cold weather led to strong growth of demand for oil, which contributed to the further decline of oil reserves», — quotes Agency the opinion of the analysts of BNP Paribas. While in the long term investors to large-scale changes in oil demand due to the growth of electric vehicles, the Agency said.

Support for the oil prices continue to provide the comments of the Minister of energy of Saudi Arabia Khalid al-falikha transaction OPEC+. It is reported that almost all States parties of the transaction OPEC+ are determined to continue the cooperation after 2018 — the date of the completion of the Vienna deal. The balance of supply and demand in the oil market is expected to recover in late 2018 or early 2019.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. In November last year, OPEC+ decided to extend the agreement before the end of 2018.

Source