The previous week began with the active growth of oil quotations that reached their maximum levels since November 2014 due to fears of reduction in the supply of raw materials.

The cost of July futures for the North Sea petroleum mixture Brent grew by 0.72% - to 75.41 dollars per barrel. The price of June futures for WTI crude oil rose by 0.92% to $ 70.36 per barrel. The main reason was the expectation of traders of the decision of US President Donald Trump on sanctions against Iran. In the framework of the law "On the consideration of the nuclear agreement with Iran", the American leader is obliged to renew or not to renew the regime of lifting sanctions from Iran every 90 days. News from Venezuela also supported the rise in oil prices. According to Reuters, the American ConocoPhillips intends to receive Venezuelan PDVSA assets in the Caribbean as part of the implementation of the international arbitration award for the payment of more than $ 2 billion from the US for nationalization in Venezuela. This message exacerbated investors' concerns about the decline in production and exports in the country.

On Tuesday, fears of market participants were justified. Speaking at the White House, Trump announced the withdrawal from the deal and promised in the near future to sign a decree on the reverse introduction of sanctions against the regime. The nuclear agreement, known as the Joint Comprehensive Action Plan, was signed in 2015 by Iran and the Group of Six (Russia, Great Britain, China, USA, France and Germany). In accordance with it, Iran pledged to limit its nuclear program in exchange for the abolition of international sanctions imposed against it prior to the signing of the UWP. On the day of the decision, Trump on the phone talked with French President Emmanuel Macron and Chairman of the People's Republic of China Xi Jinping. Both of his interlocutors are supporters of the agreement.

The next day, oil prices soared more than 2 percent after the decision of Donald Trump. Brent went up by $ 1.81 per barrel or 2.4 percent to $ 76.66. The maximum price for Brent has reached $ 76.75 per barrel - a record value since November 2014. West Texas Intermediate (WTI) has risen in price by $ 1.55 per barrel or 2.2 percent to $ 70.61 per barrel. Analyst of Rivkin Securities William O'Loughlin said that the US withdrawal from the Iranian deal in 2015 is a big event. Most likely, sanctions will be resumed, which will lead to a sharp reduction in oil exports in Iran. In April, Iran exported more than 2.6 million barrels of oil per day. In the Organization of Petroleum Exporting Countries (OPEC), Iran ranks third in terms of oil production after Saudi Arabia and Iraq.

On Thursday, the growth of quotations continued with the support of data on the decline in weekly stocks in the US. According to the Energy Information Administration (EIA), they fell by 2.2 million barrels per day in the week to May 4, against a decline forecast of 719,000 barrels. At the same time, oil production in the US in the reporting period rose to a new record - 10.7 million barrels per day, showed the agency's calculations.

The week ended with small correction, during which the world oil prices of the reference marks slightly decreased within the correction after reaching the maximum marks yesterday from November 2014. The cost of futures for a barrel of North Sea blend Brent deliveries in July on the London stock exchange reached 77.34 dollars. June contracts for WTI crude oil on the New York Mercantile Exchange declined to $ 71.30 a barrel.


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