According to the expert, the cost will continue to grow and reach $100.
“I would say that $100 is already a decided value.
Now contracts are being bought at prices ranging from $100 to $150.
By buying such contracts, investors lay the script for the coming months.
There are such moods in the market,” he said.
The analyst noted that such an oil price is "a huge defeat for the Joe Biden administration."
“Because for the first time in many years, the United States has made an unprecedented attempt to lower world oil prices.
They released strategic oil reserves, agreed with a number of countries.
Large volumes of oil entered the markets.
The thing is that for the Biden administration, this is directly the price of gasoline.
For them, any oil price above 83 is already considered unacceptable,” Ginko explained.
He added that the US planned to "reduce the cost to $65", but they did not succeed.
Earlier, the price of Brent oil futures exceeded $90 per barrel for the first time since October 2014 during trading on the London ICE exchange.