The price for Brent futures reached a new high for 2015, rising above $68 a barrel on the London ICE stock exchange. The recovery in oil prices prompted a strengthening in Russia’s currency, causing the dollar to fall below 51 rubles.
The price for Brent futures reached a new high for 2015, rising above $68 a barrel during trading on the London ICE stock exchange. At the same time, the recovery in oil prices prompted a strengthening in the Russia’s currency, causing the dollar to fall below 51 rubles.
AT $68.22 per barrel, Brent crude prices are the highest since the beginning of December 2014 and 2.66 percent higher than at the close of the previous trading session. WTI June futures added more than 2 percent, reaching $60.67 at 18:20 MSK.
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The rise in oil prices accelerated after the publication of export prices for oil by Saudi Arabia, said the Financial Times.
On Tuesday, the Saudi national oil company Aramco raised the price of Arab Light crude for June deliveries to North-Western Europe by $1.30, while the price for the US rose by $0.2. The price for Asia remained unchanged.
The market considers the rise in Saudi oil prices as a signal of increased demand, says FT.
The dollar fell against the ruble on the news of rising oil prices. It traded at 50.53 rubles at the close on the Moscow Exchange on Tuesday, having lost 1.02 rubles since Monday.