Price of Brent crude reaches six-month high

Baku. 26 May. REPORT.AZ/ Price of Brent crude oil after a six-month break, exceeded the mark of 50 USD / barrel. Report informs, the last time the price of Brent above 50 USD was on November 4, 2015.

Oil prices broke the psychological threshold of $ 50 a barrel after the publication of data on May 25 by the Office of the US Department of Energy Energy Information Administration (EIA) data on the level of oil reserves, which was lower than those projected. So, reserves reduced by 4.226 mln barrels against the forecast of 2,450 mln barrels. Note that the day before, on May 24 the signals of a possible sharp fall in reserves came from the American Petroleum Institute (API).

Analytical Group of Report believes that oil prices can be adjusted up to 47 USD per barrel. Then there is a probability of growth of the price of Brent to 55 USD. Notably, oil prices recorded on January 20 this year, at minimum level of 27.10 USD / barrel for 4 months showed an increase of 85%. At this level, traders may want to earn profit, resulting in a slight decline in prices. However, the reduction of oil reserves and the number of active oil rigs in the US in the next 2-3 months will prevent a sharp drop in prices.