OPEC committed to oil prices not to fall below

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The price of oil (July futures) on Monday 14 may by 14.43 MSK increased by 0.2 percent to 77.26 dollars per barrel for Brent. The market of black gold trims OPEC estimates that the cartel in April has increased oil production on a monthly basis, only 12.1 thousand barrels per day, to 31.93 million barrels a day, has fulfilled the agreement on the reduction of oil production (OPEC+) by approximately 163%.
OPEC also expects that the geopolitical factor will continue to influence the supply on the world oil market in the coming months, but the country’s agreement to reduce oil production ready (OPEC+) will support market stability in any situation.
On this background the rouble received support and shows growth against the dollar. The weakness of the dollar, the adjustment in the forex market, adds confidence Rublev “bulls”. The Euro tends to return to circular level 1,2 dollars, and this dynamic helps to more confidently meet the growth of the ruble.
To 14.41 MSK dollar was down from the start of trading by 0.4% to 61.66 ruble, Euro – by only 0.1% to 73,91 ruble. Until the end of the day, the U.S. currency will fluctuate in the range 61,1-62.1 ruble, Euro – in the hallway of 73.3-74.5 ruble. The price of oil in rubles remains at multi-year highs – above 4750 per barrel for Brent.
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Ivan Marchena,
Analyst
GK Forex Club