OREANDA-NEWSFor the first time since November 2018, the cost of a barrel of Brent crude oil exceeded $ 74. The price of a barrel of WTI oil for the first time in nearly six months has risen above $ 65. 

The price of oil on world markets on Monday, April 22, continued to rise amid reports of a possible refusal by the US authorities to abolish certain countries of the policy of buying oil in Iran. Currently, eight countries — China, Turkey, South Korea, India, Greece, Italy, Taiwan, and Japan — are allowed to buy Iranian oil without risk of being sanctioned. However, from May 2, indulgences can be canceled.

On Monday morning, the cost of a barrel of Brent crude for the first time since November 2018 exceeded $ 74, reaching a maximum of $ 74.31, which is 3.25% higher than the previous trading level. So expensive Brent did not cost a barrel from November 1, 2018, that is, almost half a year. For the oil market, this could be a fairly powerful driver, as the largest hydrocarbon consumers — India and China — continue to buy oil from Iran. It is also reported that Saudi Arabia and Iran allegedly pledged to compensate for the missing volumes on the world market.

The similar dynamics was demonstrated by the quotes of the American oil WTI. At the peak, the cost of a barrel of WTI reached $ 65.8 (+ 2.7%), which is the highest figure since October 31, 2018. By 11:10 Moscow time, the cost of a barrel of Brent was $ 73.83, a barrel of WTI - $ 65.58.

Of course, it is worth noting the sequence of the American authorities. They follow their goal, putting pressure on Iran. The inflow of hard currency into the country is decreasing, foreign exchange reserves are decreasing. On the other hand, it is obvious that Trump and his administration contradict themselves. On the one hand, they are literally at every step talking about too high oil prices and their disastrous impact on the economy, on the other - they are doing everything to support the rise in prices.