Oil prices rose amid diplomatic scandal around Qatar


    World oil prices rose today, June 5, amid news about the termination of diplomatic relations of four Arab countries with Qatar. Report informs citing the RIA Novosti, Brent crude price increased by 1.2% compared to Friday’s closing price – up to $ 48.3 per barrel.

    Bahrain, Saudi Arabia, Egypt and the UAE announced a break in diplomatic relations with Qatar, accusing Doha of supporting terrorist organizations and destabilizing the internal situation in these Arab states.

    Analytical Group of Report noting that, this week, investors will focus on fluctuations in oil reserves, daily production and the number of active oil wells. In the US, there is a high probability of an increase in oil reserves this week. In this case, Brent crude oil may fall to $ 46-48 per barrel. A gradual drop in oil prices is expected, up to the stabilization of production in the United States. If the increase in production at prices of 46-48 USD / barrel continues, prices may drop to 43-45 USD / barrel.