Oil prices went up
June 30, 2018 | 10:18 |1123
Optimistic sentiment sets in on the world oil market; went turned up. Brent crude oil trades at a level above $ 78 per barrel, while WTI marks more than $ 73. This increase comes amid reports that Saudi Arabia, Russia and the United States will increase the extraction of black gold in the coming months. According to analysts of the oil market, this is offset by other reports - the reduction in oil supplies from Canada and Libya. In Canada, due to an accident at one of the largest oil production facilities, production fell by 360,000 barrels per day, and resumption of supplies is not expected, at least until August. And in Libya, because of the unstable situation, production this month fell by 400,000 barrels, and the confrontation is only intensifying. Finally, one of the main drivers of the growth in oil prices, experts say, is the US exit from a nuclear deal with Iran and the restoration of sanctions against Tehran. Moreover, Washington calls on consumers of Iranian oil to reduce purchases of Iranian black gold and to nullify them by early November this year. Otherwise, sanctions. While it is difficult to say what it will lead to, because the main buyers of oil from Iran are China and India, and these are the countries that may not heed these appeals. Nevertheless, experts point out that oil production in Iran has already declined somewhat. In general, analysts of the oil market believe that the environment, favorable to the growth of oil prices, will last several months. During this time, the cost of Brent crude oil can reach a height of $ 80 per barrel.Nury AMANOV
