On Monday, February 15, world oil prices reached their highest level in more than a year.
The cost of raw materials of the benchmark Brent grade on the ICE exchange in London grew by 2.1% - to $ 63.76 per barrel.
At the same time, the quotations of the American WTI grade rose by 2.5% to $ 62.95 per barrel.
The last time similar indicators could be observed back in January 2020.
According to experts, one of the reasons for the jump in oil prices was the aggravation of the geopolitical situation in the Middle East.
According to the Saudi Press Agency, from February 13-14, the Arabian coalition shot down three mined drones launched towards Saudi Arabia.
“The drones were allegedly directed against civilians and civilian objects.
This was seen as a provocation and escalation of the conflict.
As a result of heightened tensions in the region, investors fear a possible interruption in oil supplies from the Persian Gulf.
Such sentiments of market players have led to an increase in prices, "said Andrey Maslov, an analyst at Finam Group, in a conversation with RT.
Also, the reason for the rise in the cost of energy resources was the extremely cold weather in Texas, one of the largest centers of US oil production.
The investment strategist of BCS World of Investments Alexander Bakhtin told RT about this.
“On the night from Sunday to Monday, the temperature there dropped to -20 ° C.
Of course, the infrastructure in the fields in the normally sunny state is simply not foreseen for such weather conditions.
So far, there is no detailed assessment of supply disruptions, but the market reacted with an increase in quotations, ”the expert explained.
In addition, the data on the reduction of reserves of raw materials in the United States have a positive impact on oil prices.
In the first week of February, the volume of oil reserves in the United States decreased by more than 6.6 million barrels.
At the same time, analysts, on the contrary, predicted an increase in the indicator by almost 1 million barrels.
Such data are cited by the US Energy Information Administration and Trading Economics portal.
However, according to Alexander Bakhtin, the key support for oil prices is provided by the execution of the OPEC + deal.
Since the beginning of February, the countries participating in the agreement began to reduce the production of energy raw materials by 1.4 million barrels per day.
According to the agreements reached earlier, the parties will continue this policy until the end of March 2021.
Recall that within the framework of the OPEC + partnership, the states - oil exporters specifically limit the production of hydrocarbons.
Thus, the countries are trying to achieve a balance between supply and demand in the global energy market.
According to experts, the policy of the alliance members should keep oil prices from new collapses.
“The actions of the world's largest oil exporters continue to have a stabilizing effect on the price dynamics of raw materials.
Since the global risks associated with the pandemic still persist, we believe that the OPEC + countries will continue to adhere to the deal and will try not to upset the market balance, ”Bakhtin emphasized.
At the same time, as experts interviewed by RT note, at the moment oil quotes remain somewhat overestimated.
Thus, global demand for energy resources is recovering more slowly than previously expected.
Against this background, according to Andrey Maslov, in the near future prices may slightly decrease and stabilize around the $ 60 per barrel mark.
© Zamir Usmanov / Global Look Press
It is noteworthy that the record rise in oil prices had a positive effect on the dynamics of the Russian currency.
At the Monday trades, the dollar rate fell by 0.8% and for the first time since January 14 it reached 73.13 rubles.
At the same time, the euro rate fell by 0.6%, to 88.8 rubles.
The value became the lowest since December 14, 2020.
This is evidenced by the data of the Moscow Exchange.
The official exchange rate of the Central Bank on February 16 was set at 73.31 rubles per dollar and 88.98 rubles per euro.
“The rise in oil prices contributes to the current strengthening of the ruble.
However, taking into account some overbought oil and a difficult geopolitical background, we do not exclude that in the near future the dollar rate may return to the range of 73.5-75 rubles, and the euro rate - to 89.5-91 rubles, "Alexander Bakhtin believes.
However, according to experts, at the end of February, additional support for the Russian currency may be provided by the tax period.
At this time, exporting companies traditionally sell foreign currency and buy rubles to pay taxes.
As a result, according to Andrey Maslov, by the beginning of spring the dollar exchange rate will fluctuate in the range of 72-74.5 rubles, and the euro rate - around 88-90 rubles.