Federal Reserve System and Alexander Novak support oil markets

On Thursday, oil prices on the European market came close to the maximum values ​​of the year, reached $33.8-35.8 per barrel. The commodity markets are positively influenced by the decision of the Federal Reserve System, which may refrain from increasing rates this year. The optimism to investors was also added by the information coming from the Russian Energy Minister Alexander Novak about alleged plans of OPEC to discuss the possibility to reduce the oil production by 5%.

Yesterday, the price of oil on the European varieties almost came back to the values ​​of the beginning of the year. According to the Reuters, on Thursday, the price of North Sea Brent crude on the spot market grew to $35.13 per barrel. The price of Russian Urals reaches $33.85 per barrel. Even taking into account the correction in the afternoon, the day oil futures increased by 5.8-6%. Since the beginning of the week, the growth made up 10.5-11%, and with respect to mid-January lows the oil price increased by 36-44%.