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Brent crude rises above $56 per barrel

February 03, 2015, 15:44 UTC+3 LONDON
After a little pause, Brent oil prices are likely to move to the area of $62 per barrel, says the deputy general director for investment analysis at Zerich Capital Management investment company
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© Dmitry Rogulin/TASS

LONDON, February 3. /TASS/. The price of Brent crude futures for March delivery rose by 3% on the Intercontinental Exchange in London to $56.4 per barrel on Tuesday, coming above the $56 level for the first time since January 5.

After a little pause, Brent oil prices are likely to move to the area of $62 per barrel, deputy general director for investment analysis at Zerich Capital Management investment company Andrei Vernikov said.

"That is why, we’ll not so far sell a contract on the RTS index futures we bought yesterday in the expectation of an oil price growth," the expert said.

The growth of oil prices, a major earner of foreign currency revenues for the Russian budget, is lending support to the ruble.

By 3:09 p.m. Moscow time (12:09 GMT), the US dollar shed 2.02 rubles to 66.40 and the euro lost 2.04 rubles to 75.42.

Head of Russian Stock Market Operations at Freedom Finance Investment Company Georgy Vashchenko said the oil price would stabilize at a new level of above $50 per barrel this year.

"The [government’s] anti-crisis measures will yield their effect. Therefore, the Central Bank will not be required to hold large-scale interventions with its international reserves to support the ruble. As a result, the market will find a balance at a new level," the expert said.

Infographics Oil prices over 30 years Oil prices over 30 years
Year-average inflation-adjusted oil price. Infographics by TASS

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