Brent price hits November 2014 height

By  Trend

The price of Brent oil futures with settlement in November 2018 went up 2.4% versus the previous closure on the London’s ICE to $80.69 per barrel as of 11:35 a.m. Moscow time, according to the trading data, TASS reports.

The price of Brent oil futures was last at that level on November 24, 2014.

The Russian currency is following the oil price growth as the dollar exchange rate dropped by 0.42% to 66.13 rubles, while the euro exchange rate lost 0.38% to 77.77 rubles on the Moscow Exchange.

On Sunday, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) at a meeting in Algeria refrained from considering the growth of crude production above 1 mln barrels per day, warning instead about a possible return to reductions in 2019. OPEC projects that next year the market may see the scenario of 2014 when oil surplus pushed crude futures down. OPEC+ is going to convene an extraordinary gathering in November for assessing the optimal production level for 2019.