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The price of Brent has exceeded the psychologically important bar of $ 70 a barrel and reached its highest level since early November 2018. At the end of last week, prices rose 4.1%.
WTI finished the fifth week in a row, gaining about 4.9% in the last five business days.
Since the beginning of this year, the price of Brent has jumped 30.7% and that of WTI about 39%.
The June futures on Brent on ICE Futures London Exchange at 08:12 Moscow time rose $ 0.29 (0.41%) to $ 70.63 per barrel. The day before, their price had risen by $ 0.94 (1.35%) to $ 70.34 per barrel at closing.
WTI future quotes for May the
"It took a while, but Brent finally managed to break the $ 70 a barrel mark, and if we do not see a resumption of US production next week, the longest weekly rally for WTI could have been November 2017 ", badyzes the market. Oanda Edward Moya.
Oil rose last week due to the preservation of the subject of discipline in the extraction of Saudi Arabia, sanctions against exports from Iran and Venezuela, as well as the demand unstable, said Jason Gammel, an badyst at Jefferies. He also noted that "a total of 38 million barrels of total US trade reserves over the past 10 weeks is a good sign that the OECD's reserves are also decreasing."
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