Oil rises in price amid expectations of negotiations between Russia and OPEC

World oil prices on Tuesday continued positive dynamics amid investor optimism, in connection with reports that the ministers of several OPEC countries and Russia will meet later on Tuesday to negotiate on the state of the oil market in the capital of Qatar, Doha, which is confirmed by trading data.

In January of this year, OPEC already announced the likely creation of an alliance with Russia and a number of other oil-producing countries in order to reduce production and stop the fall in oil prices. At the end of January, Novak announced that a meeting of ministers of oil-producing countries is planned for February, while he confirmed his readiness to personally participate in the meeting.

Reports of a possible coordination of actions by leading oil producers and suppliers to world markets continue to fuel investors' expectations of a possible reduction in production, which supports oil prices.

“This meeting is a way forward, but the road will be long. Reaching a balance in the oil market will take 12 to 18 months, ”said Rick Spooner, chief analyst at CMC Markets.