During the first in 2017, the trading price of oil rose above...

During the first in 2017, the trading price of oil rose above $57

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Photo: Gregory Bull/AP

The price of a barrel of Brent crude on the ICE futures exchange gained slightly less than 1%, peaking from December 12 last year

First in 2017 trades oil on the ICE futures exchange opened with growth of quotations. On the high cost of the futures on Brent crude for delivery in March 2017 rose to $57,28 by 0.81% above the closing level of the previous trading session.

In the last last year trading day (30 December 2016) the price of a barrel of Brent crude on the ICE futures exchange rose to $57,2, but by the end of trading fell to $56,82.

However, the volume of oil trading on 30 December 2016 was small, as many investors did not participate in the auction because of the holidays. Analyst at London brokerage PVM Oil Associates Tamas Varga predicted that the upward trend can continue in early January 2017.

Deputy General Director for investment analysis of IR “Zerich capital Management” Andrey Vernikov notes that, according to polls by Reuters, by the end of 2017, the price of a barrel of Brent can gradually rise to $60.

“The highest forecast for Brent in 2017, $83 per barrel (at Raymond James), and the lowest $44,90 (FirstEnergy GMP). The level of $83 per barrel of oil, our stock market will not interfere, because at this oil price, the Russian budget be balanced, which eliminates the problem of the exhaustion of the Fund of national prosperity,” said Vernikov.

Dynamics of world oil prices, many will be determined by compliance in 2016, the agreement on the reduction of oil States, OPEC and non-cartel countries. 21-22 January 2016 the implementation of the terms of the contract will be discussed at the meeting in Vienna.

By 9:30 GMT the price of a barrel of Brent crude on the ICE futures exchange was $57,15 by 0.58% above the closing level of the previous trading session.

In 2016, Russia increased production of oil and gas condensate by 2.5% to 547,499 million tonnes, thereby updating the record.