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Economics Gazette

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November 19, 2019

Brent oil price went close to 70 USD per barrel during Asian trade

Brent oil productionBrent oil price went close to 70 USD per barrel during Asian trade. After first appreciating, later it slightly diminished, the futures on Brent oil were traded at a price of 69.80 USD per barrel. The US light WTI crude reported a price increase of 0.06% to 64.39 USD per barrel. The two most traded types of oil reached their highest levels since December 2014.

The oil prices continue to receive support from reduced production by the Organization of Petroleum Producing Countries (OPEC) and Russia. The agreement came into force last January, and is expected to continue in 2018, coinciding with a healthy rise in demand, rising prices by more than 13% since early December 2017. But, other factors, including political risk, support the upward trend. Some analysts, however, continue to warn that price adjustment is forthcoming.

The last week’s futures on US crude oil with delivery in February rose by 4.7%, this being the fourth consecutive week of promotion.

The futures on Brent with delivery in March rose for the week by about 3.3%, also taking fourth consecutive weekly increase.

Against the backdrop of weakening of the US dollar, the gold started the week with a rise of 0.52% to 1,341.9 USD per ounce, climbing to its level in September 2017. The precious metal with immediate delivery rose by 1.4%, keeping its positive direction for the fifth consecutive week. With copper, growth was even higher – nearly 2% up to 328.10 USD per pound.

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