Quotations of basic grades of oil indicate further increase
Moscow. April 30. Kazakhstan Today - Quotations of the basic grades of oil following the results of the tenders on Monday indicate further increase, the agency reports referring to the message of the group of companies OMT-Consult.
According to the source, June contract on North Sea oil Brent at London stock exchange InterContinental Exchange has risen in price by $0.40 - up to $116.74 for barrel. The future contract on Texas light oil WTI June at New York commodity exchange NYMEX has grown in price by $0.23 - up to $118.75 for barrel.
"Today primary factors influencing prices in the market of oil is tense situation in the regions of extraction of raw material. Thus, on Monday growth of oil quotations was caused by the information on the problems in the areas of oil extraction," the message informs.
According to ОМТ-Consult, British Petroleum (BP) had to close pipeline system Forties that delivers about 40 % of oil from the Northern Sea deposits in connection with strikes at the oil refining factory of Ineos Group Holdings Company.
New conflicts between security bodies and local insurgents from Movement for freedom of delta of Niger happened in Nigeria. In parallel with these events strike at Nigerian enterprises Exxon Mobil has continued that could result in possible problems with export of nearly 900 thousand barrels of oil from Nigeria.
Decrease of dollar exchange rate also affects oil quotations. "Decrease in the American currency has occurred on the background of expectation of the session of the Committee for operations in the US open market that will accept the decision on the size of the interest rate on the federal funds," the message of the source informs.
"Thus, taking into account all of the above-stated factors, rise in prices for oil can proceed, as weak US dollar and world political instability will most likely continue to keep prices for oil high," the analytical review concludes.
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