The price of North sea Brent crude oil during trading on Monday evening for the first time since mid-July topped $48 per barrel.
As of 17:40 GMT the price of Brent futures for delivery in October gained 2,24% and was at$48,02 per barrel. The cost of WTI crude for delivery in September rose by 2.38% and amounted $of 45.55, reports PRIME.
Earlier today, Russian energy Minister Alexander Novak has strengthened hopes that the producers will take measures to stabilize prices. He, in particular, stated that Moscow is negotiating with Saudi Arabia and other producers to achieve market stability, reminds Reuters.
However, analysts are skeptical about the market’s ability to hold current positions, particularly given the preservation of surplus raw materials.
So, last Friday data of Baker Hughes indicated that the number of drilling rigs in the US rose by 15 last week to 396.
There are also doubts about whether OPEC countries will refuse to fight for market share to support prices. Tehran expels Russia in the struggle for oil supplies to Poland, while Iranian exports to South Korea jumped almost four times in July in annual terms.
