The price of a barrel of Brent oil for the first time since January 2017 exceeded $58

On Monday, the cost of futures for  Brent crude for November 2017 delivery on the ICE exchange rose above $58 per barrel. The price of a barrel of Brent exceeded $58 for the first time since January 3, 2017.

At its peak, the cost of a barrel of Brent reached $58.05, which is more than 2% higher than the previous close.

“Oil prices are rising on the back of OPEC statements about following the production agreement, while cartel representatives noted a significant reduction in reserves. Production in the  United States remains depressed, ”says Vladimir Evstifeev , HEAD of the analytical department of Zenit Bank .

Earlier Monday, the price of a barrel of Brent broke through the ceiling at $57, the first time since early March 2017. The growth of oil prices led to the strengthening of the Russian ruble.