Brent crossed the mark of 53 $/barrel
on the Morning of 11 October Brent was trading above the level of 53 $/barrel, as evidenced by the indexes of trading posted on the website of RBC. Yesterday quotes this brand of oil for the first time in the last year crossed the mark of 53 $/barrel. There is information that Saudi Arabia predicts increase in the price of crude oil to $60/barrel. A survey by Bloomberg studies in September of the current year, OPEC increased its oil production to a record volume of 33.75 million barrels per day.
While OPEC did not agree on reducing oil production and continue this discussion at the meeting on Wednesday 12 October.
the oil Minister of Saudi Arabia, al Khaldi-Falk announced that the agreement about the reduction of oil production can be spelled out special conditions for certain countries such as Iran, which has no plans to cut production once the sanctions restrictions, as well as Libya and Nigeria, which through armed conflict, oil production has decreased significantly.
the Attempts of the countries-exporters of oil come to an agreement in this matter indicates that they are interested in the growth of prices for "black gold" to the level of $50-60/barrel.
the Increase in oil prices to $60/barrel will have a tangible boost to the crop from which the biofuels, such as soy, corn and canola. Already an increase in the consumption of corn from boyanovo industry of the United States, which helps to keep prices of U.S. corn from falling to a level of 120 $/t, which experts predicted a record harvest of grain.