The Price of Brent Oil Exceeded 40 Dollars per Barrel
OREANDA-NEWS. The cost of the August futures for Brent crude oil on the Intercontinental Stock Exchange London rose by 0.61 %, to 40.02 US dollars per barrel at 08:55 UTC.
Futures for American crude oil WTI for July delivery increased by 0.38 %, to 37.26 dollars per barrel.
According to the head of the analytical department of AMarkets, Artyom Deyev, oil prices are supported by the statement of the US Federal Reserve System. The Fed said that it will expand the programme for the purchase of bonds of American companies and securities worth 750 billion dollars. Deyev noted that the agency’s willingness to stimulate economy increased investors’ expectations, since unprecedented market support measures should increase fuel demand and help recover.
Grigory Zhirnov, an analyst at Nordea Bank, said that additional support for risk assets is also provided by reports that US authorities may additionally allocate 1 trillion dollars to restore infrastructure to support economic activity in the country.