Investors around the world were shocked when on February 11 on the price of oil fell to a 13-year low of $ 26.05 a barrel. But now, having shown an incredible growth of 30% during the 11 trading days, the energy source is trading near the mark $ 34 per barrel.
The rebound from recent lows reflects the mood swings. The world market is still saturated with raw materials, and the volume of the largest exporters, as before, are at record levels. "In fact, there is no reason for a rise in prices. This rally is largely due to expectations "- the director of the research company in the field of energy ClipperData Matthew Smith. And despite the fact that the decision of Saudi Arabia and the Russian border production at the level of January, requires the involvement of other world oil market leaders,
OPEC regains important . the role of fluctuations in the current market sentiment "Recent talks on freezing production are unlikely to have any direct impact on the balance of the market", - stated in the Barclays research note. Analysts also noted that the countries that have agreed to freeze production, produce record volumes of raw materials. However, Barclays experts believe that the talks have raised the unlikely, but still the chances of coordinated action on the part of manufacturers. Oil "bulls" say production will fall sharply in the second half of the year, when many oil companies will be forced to curtail production due to low prices. The number of oil rigs in the United States shows a decline for over 10 consecutive weeks and at Baker Hughes data, since the beginning of this year alone, a decline of 25%. Find general information on how to start trading oil on the international currency market today, you can here .