On Tuesday, May 18, world oil prices rose sharply during international trading.

At the beginning of the day, the cost of raw materials of the benchmark Brent grade on the ICE exchange in London rose by more than 1% - to $ 70.2 per barrel.

The last time a similar indicator could be observed on March 8.

However, in the evening the quotes returned to the level of $ 69 per barrel.

One of the reasons for the rise in oil prices was the growth in demand for fuel in a number of countries, said Anna Zaitseva, an analyst at the Finam Group.

According to her, fuel consumption is growing noticeably in the United States and Europe against the backdrop of mass vaccination of the population against coronavirus and the gradual lifting of quarantine restrictions.

“According to the latest estimates, in the US, the proportion of people who received at least one dose of the vaccine exceeded 48%, in the UK - 55%, in Germany - 37%, and in France - 30%.

This reduces the risks of a new surge in morbidity and creates prerequisites for an increase in population mobility.

Accordingly, the demand for fuel will also increase, ”Zaitseva explained.

In addition, the observed increase in oil prices may be partly due to the weakening of the dollar on the international market.

Anna Bodrova, a senior analyst at the Alpari information and analytical center, shared this opinion in a conversation with RT.

At the auction on Tuesday, the dollar index (DXY) to a basket of other reserve currencies decreased by 0.5% - to 89.69 points.

The value became the lowest since the end of February.

“The dollar is declining after the US Federal Reserve announced its intention to further stimulate the economy.

Historically, it is believed that there is an inverse relationship between the price of oil and the American currency: if the dollar becomes cheaper, then oil becomes more expensive and vice versa, ”Bodrova explained.

Note that as part of supporting the economy, the US Federal Reserve prints dollars and pumps up the country's financial system with money.

According to experts, such a policy should accelerate the recovery of business activity in the country from the effects of the pandemic, but at the same time leads to a weakening of the dollar.

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A certain pressure on the price of oil is still exerted by the difficult epidemic situation in Asian countries, says Anna Zaitseva.

As the specialist explained, the increase in morbidity and the introduction of new restrictions in the states of the region restrain the global demand for hydrocarbons.

So, according to the expert, only in the first half of May in India, fuel consumption fell by 20% compared to the same period in April.

At the same time, in the near future, a seasonal factor may provide significant support to the oil market, Zaitseva said.

So, as summer approaches and global tourism recovers, the volume of fuel consumption in the world can grow further.

At the same time, the global oil supply is still limited due to the efforts of the countries participating in the OPEC + deal, which also plays in favor of the rise in the price of raw materials.

Igor Galaktionov, an expert on the stock market "BCS World of Investments", told RT about this.

Recall that the OPEC + agreement includes 23 oil-producing countries, including Russia.

As part of the deal, governments temporarily restrict the production of raw materials to achieve a balance between supply and demand in the global hydrocarbon market.

Such a policy should keep energy prices from sharp fluctuations.

According to Igor Galaktionov, in the near future the oil price may slightly adjust.

Nevertheless, in the foreseeable future, commodity quotes will remain at relatively high and comfortable levels for the ruble, the expert said.

“The observed dynamics of oil prices may have a positive effect on the state of the Russian currency.

Of course, these are only forecasts so far, because the seasonal surge in consumption is just beginning.

Nevertheless, according to our estimates, in the summer the price of Brent oil will be in the range of $ 65-68 per barrel, ”Glaktionov noted.

Anna Zaitseva adheres to a similar assessment.

In her opinion, until the end of spring, oil prices will fluctuate around $ 66-69 per barrel.

At the same time, over the summer, the price range will remain wide - $ 62-72 per barrel, the specialist said.

“In these conditions, we believe that until the end of June the dollar rate will remain in the range of 71-75 rubles, and by the end of 2021 it will drop to 69-74 rubles,” concluded Anna Zaitseva.