Oil flew above $ 70 per barrel

The price of oil has risen to the maximum level over the past 7 months, approaching the level of $ 71 per barrel. The reason for the last movement was statistical data indicating a decrease in industrial reserves in the United States. Experts call the main reason for oil growth to weakening the dollar, Bloomberg reports.

According to the American Institute of Oil, supply to the American market fell by 5.96 million barrels to 357.9 million barrels last week, which has become a minimum level since March. The US Energy Department should publish official data on reserves on June 10 at 18:30 Moscow time.

In addition to these data, the support of the oil quotes was the growing confidence of the investors that the bottom of the crisis was left behind, as well as the forecasts of the weakening of the dollar.

The July contract for raw oil trading in the New York Mercantile Exchange rose in price by 1.3% and reached the price of $ 70.94 per barrel. According to the investment adviser to Sander Capital Advisors, Mike Sander, "the oil market continues due to the weakness of the dollar and a large amount of money in the market." According to him, more and more money moves to commodity markets - to agricultural products, metals, energy.

The increase in raw materials is accompanied by the resumption of the tendency to weaken the dollar. The euro, which decreased last week from the level of $ 1.42 per euro to $ 1.38, again overcame the level of 1.4, getting to $ 1.41 per euro.

The dollar index, reflecting the ratio of the American currency to 6 main world currencies, fell from a mark of 80.8 to level 79.8. In parallel, the profitability of the US Treasury bonds is growing, which indicates the withdrawal of investors from these papers. The yield on 10-year papers reached 3.87% per annum, which has already forced the Fed to talk about a possible increase in bets until the end of this year.

The dollar is falling, despite the active buying up of the American currency, the BRIC countries , which in May have increased their currency reserves by $ 60 billion.