According to the analyst, the rise in prices is connected with the fears caused by the activity of the European Union.
In particular, the past EU summit, where the issue of introducing the sixth package of anti-Russian sanctions, could be affected, Frolov added.
“Against this background, oil prices are going up.
That is, we are now dealing with market fears, which are caused by ambiguous signals sent by European officials, ”the specialist explained.
Current prices, in his opinion, are "inadequately high", since there is no shortage in the world, there are no significant problems in the balance of supply and demand.
The price of Brent crude rose above $121 a barrel for the first time since March 24.