Oil in January, rose in price at a record pace

Нефть в январе дорожала рекордными темпами

Oil prices showed a record monthly growth

Quotes of WTI crude oil soared from the beginning of January, almost 22%, the rise may be record-breaking month in history.

World oil prices reference marks showed record growth for the month, Interfax reported Thursday, January 31.

The cost of the March futures for Brent, the bidding ending on Thursday, on London’s ICE Futures exchange was up 55 cents (0,89%), to $62,2 per barrel. The more actively traded April contract rose $0,66 (of 1.07%), to $62,2 per barrel.

Futures for WTI for March at the auction of the new York Mercantile exchange (NYMEX) by this time increased by $0,99 (1,83%) – to $55,22 per barrel for the first time raised to that level from 21 November last year.

WTI soared since the beginning of January, almost 22%, the rise may be record-breaking month for the entire history of observations. Brent from the beginning of the month rose almost 16%.

The oil market reacted to the growth of fears of reduction of fuel supplies from Venezuela after the introduction of sanctions by Washington against state oil company Petroleos de Venezuela SA (PDVSA). The decline in exports can exceed 500 thousand barrels per day, some experts believe.

Support for the oil market on Thursday, as has the depreciation of the dollar on the strong easing of the monetary policy of the Federal reserve system. The weak dollar is a positive factor for commodity markets in General and oil markets in particular.

 

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