Oil rises under the influence of a number of factors

According to trading data, world oil prices continue to rise on Monday afternoon. The market takes into account several factors, including OPEC statements, the situation in Russia and the dollar exchange rate.

The current Brent quote is $74.55 per barrel, North American WTI oil is trading near $69.50 per barrel. 

The statements made by OPEC Secretary General Heysam al-Geis at the Energy Asia conference in the Malaysian capital Kuala Lumpur attracted the attention of investors. According to him, by 2045 the global demand for oil will reach 110 million barrels per day, and the total global demand for energy will increase by 23%.

In addition, traders continue to analyze the market prospects after the events in Russia over the weekend. Experts note that the situation with the military rebellion is unlikely to lead to immediate changes in the market. Moreover, sustainable production in Russia continues to surprise other market players, becoming a significant «bearish» factor for oil. 

The weakening of the dollar against world currencies has an additional impact on the dynamics of oil quotes. The dollar index (the exchange rate against a basket of currencies of six US trading partner countries) fell by 0.15% to 102.75 points. As you know, the fall in the value of the dollar supports the demand for commodities, including oil, and makes them more affordable when buying in another currency.