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21.04.2014 16:00

Oil: an overview of the market situation

The price of oil rose moderately today , continuing the rally the previous session , which was associated with increased tension in Ukraine , and problems with the return of Libyan oil .

"We can see the growth of prices for Brent at $ 02.01 per barrel if the crisis in Ukraine will worsen ," said Ken Hasegawa , a sales manager Newedge.

Recall that after the conference , held in Geneva on April 17 , representatives of Russia, EU , USA and Ukraine agreed on the first concrete steps to de-escalate tensions and security in the conflict zone . In particular, they called upon the armed groups on the territory of Ukraine to surrender their arms and liberate the occupied office buildings , and the Ukrainian government announced its readiness to grant amnesty pro-Russian activists . Nevertheless , over the weekend in eastern Ukraine has seen a number of collisions in which 3 people were killed .

Economists say that trading volume today is lower than usual , as in the UK and most of Europe holiday.

Investors are also watching the resumption of supplies from Libya , where two weeks ago the government in Tripoli has reached an agreement with the rebels to resume the work of the four oil ports after an eight-month break, but in the near future will only Hariga port , as the port Zuvaytina any technical problems . Terminals of Ras Lanuf and Es Sider should resume shipment within a month.

In other developments , Iran and world powers begin to work on the long-term settlement of the Iranian nuclear program at the talks in New York next month , the official state news agency IRNA. It should be noted that the settlement of ten dispute may cause a fall in oil prices , as Iran could increase exports .

May futures for U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 103.62 per barrel on the New York Mercantile Exchange (NYMEX).

June futures price for North Sea Brent crude oil mixture rose 42 cents to $ 109.78 a barrel on the London exchange ICE Futures Europe.

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