Oil holds above $ 75 per barrel Brent

On Monday morning, world oil prices continued confident growth. So, WTI oil for the first time since November 2014 is traded at a level above $ 70 per barrel on the background, RIA Novosti reports.

As of 07:59 in Moscow, the cost of July futures on the North Sea oil mixture of Brent brand grew by 1.16% - up to 75.74 dollars per barrel. The price of the June futures for oil of the WTI brand rose by 0.96% - to $ 70.39 per barrel.

Oil valued and according to the results of the previous week. On May 4, the cost of the July Contract for Brent oil on the ICE Futures exchange in London increased by $ 0.25 (1.7%) and amounted to 74.87 per barrel. The June Futures on WTI on the New York commodity exchange NYMEX increased by 1.29 (1.9%) and amounted to $ 69.72 per barrel.

In recent weeks, quotes have been close to the record level since the end of 2014 on fears that the United States can withdraw from a joint comprehensive action plan - an agreement concluded in 2015 on Iran’s nuclear program. In this case, the return of restrictions on the export of Iranian oil is likely, which can lead to fuel deficiency in the world market.

Iran and the “six” of international intermediaries (Russia, the USA, Britain, China, France, Germany) in the summer of 2015 reached a historical agreement on the settlement of many years of the Iranian nuclear program. A joint comprehensive action plan (SVPD) was adopted, the implementation of which removes from Iran the previously introduced economic and financial sanctions by the SB of the UN, the USA and the European Union.

Donald Trump following the results of discussions with Great Britain, Germany and France, no later than May 12, will announce whether the United States remains in the SVPD for the Iranian nuclear program or not. Within the framework of the law "On the consideration of a nuclear agreement with Iran" (Inara), the American leader is obliged to extend or not to extend the regime of relieving sanctions from Iran every 90 days.

Iranian President Hassan Rouhani has already stated that the country has been preparing for a few months to leave the USPD and that Washington would soon regret its decision. The country's Minister of Oil Bizhan Nasdar Zangan recalled that constant fluctuations in oil prices negatively affect investments and put on future oil supplies.

In addition, investors' fears are increasing about the crisis in Venezuela. According to Reuters, the American company Conocophillips intends to receive Assets of Venezuelan PDVSA in the Caribbean in the framework of the decision of the international arbitration on the payment of more than two billion dollars for nationalization in Venezuela. These actions can lead to a decrease in PDVSA production and export.

In addition, last week the Venezuela government introduced external management for a period of 90 days in the largest private bank in the country of Banesco after the detention of a group of its leaders. They are suspected of conducting illegal operations with national currency.

The crisis in Venezuela negatively affects the extraction and export of raw materials, experts note. So, the production of oil in this country since the beginning of the 2000s has already been reduced by half, to 1.5 million barrels per day, since the country has not been able to invest enough funds to maintain its oil industry, the agency notes.