The price of Brent crude rose above $53 for the first year

The price of Brent crude rose above $53 for the first year

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Photo: Reuters/Pixstream

Oil prices are going up on the background of statements of Vladimir Putin about Russia’s willingness to join in measures to limit production

The price of futures for Brent crude on the ICE futures exchange Monday reached $53.47 USD per barrel, according to the auction. This is approximately 2.96 per cent above the closing level of the previous trading session. $53, the price of Brent has exceeded for the first time in almost a year: the last time above it, the quotes were up 12 Oct 2015.

The rise in oil prices has accelerated after President Vladimir Putin at the world energy Congress in Istanbul , said that Russia is ready to join the action to limit oil production.

“Freezing or even reduction of oil production is perhaps the only correct decision to preserve the stability of the entire global energy,” Putin said, expressing hope that the idea about the restrictions “embodied in concrete agreements” at the end of the November OPEC meeting.

The rise in oil prices contributed to the strengthening of the ruble. The dollar on the Moscow stock exchange rose on Monday by mid-day to 62,53 RUB., after Putin’s statement fell to 62,02 RUB Simultaneously, the Euro fell to 69,1775 RUB.

By 17:00 MSK cost of a barrel of Brent crude on the ICE futures exchange was $53,32, the dollar on the Moscow stock exchange reached 62,08 Euro — 69,24 RUB.