To the advantage of the oil-producing countries, crude recently set a new price record. Brent futures have jumped above $70 a barrel for the first time since December 4, 2014. According to experts, a rapid rise in prices was primarily triggered by high demand, as well as a number of other equally important factors, such as an unexpected decline in oil production in the US and a tense political situation in Iran. In addition, crude is still supported by a high degree of compliance with the OPEC deal to cut production. However, it is too early to relax. Market participants see clear bearish signals on the market, for example, the Asian fuel inventories remain quite high. Gasoline stockpiles in the US also are growing. Given the fact that since the beginning of December oil prices have risen by more than 13 percent, some analysts expect a fall after the recent rapid rally.
