The price of Brent crude oil exceeded $ 42 for the first time since December 2015. According to 14:00 Moscow time per barrel benchmark grade was given 42,09 dollar. This is evidenced by data the London exchange ICE.
On the background of rising oil prices there is a strengthening of ruble. The dollar is worth 67,69 ruble (minus 0.56 percent), the Euro — 76,29 (minus 1.21 per cent).
Earlier, on March 17, the newspaper The Wall Street Journal reported that the oversupply in the oil market that caused the collapse of quotations, may be the result of statistical errors of the International energy Agency (IEA). Experts interviewed by the publication, I admit that the IEA could attribute data in excess of 800 thousand barrels, and incorrect reports of the Agency had impact on the behavior of players.
February 16, Russia and several OPEC members (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production in order to support the quotation, subsided for a year and a half by 70 percent. Russian energy Minister Alexander Novak said that over 15 countries have publicly confirmed readiness to freeze oil production at the level of January 2016.