The price of oil reached a psychologically important height of 75 $ per barrel
The rise in oil prices, which began last Friday, continued on Monday. The price for Brent crude oil has taken a psychologically significant height of $ 75 per barrel and is preparing to challenge the next mark - $ 76. Some experts believe that the main driver of the current growth in the value of black gold is the fear of the US withdrawing from a nuclear deal with Iran. In this case, the players of the oil market continue to include the price of imposing new sanctions on Tehran, which in the event of the US withdrawing from the nuclear agreement will be forced to reduce oil production and export. The decision on this issue is expected before the end of this week. Additional support for the growth of oil prices is exacerbated by the economic crisis in Venezuela, which continues to reduce the production of black gold, involuntarily contributing an impressive contribution to the OPEC + deal. At the same time, some experts believe that the increase in oil prices does not depend too much on the US exit or not withdrawal from the nuclear deal with Iran. They believe that even if the US does not withdraw from the nuclear agreement, oil will still grow in price. These optimistic experts believe that the shock drop in prices for black gold, as it was in 2014-2015, will not happen again. At the same time, they admit that there are still possible reductions associated with local difficulties and risks. But in general, in their opinion, the world economy begins to recover and turn back to growth. This means that countries need energy for development, and the demand for energy will grow. The optimism that reigns on the world energy market confirms their correctness. On Monday, May 7, Brent crude is trading at $ 75.66 per barrel, while WTI crude oil is sold at $ 70.41 per barrel. This is significantly higher than the most optimistic forecasts made for 2018.
