Oil futures rose significantly today amid hopes that the major oil-producing countries reached an agreement restriction of production. Support prices are also having a strong economic performance in the USA and Germany, which may be the first sign of increasing demand for fuel in the near future.

Attention gradually switches to the upcoming meeting of exporters in Doha on 17 April. In general, investors are positive, despite a wave of rumors and comments, and the likelihood of a positive outcome of the meeting is maintained.

Meanwhile, yesterday the head of the Fed's Yellen has reduced fears of a return of the US economy into recession. Earlier this year, concerns about the global economic slowdown led to a drop of oil to 10-year low. Today's statements by the president of the New York Fed Dudley also supported oil prices. He said that he still supports the cautious approach to raising interest rates. Meanwhile, maintaining the current interest rates can lead to the preservation of the current value of the dollar, or even to weaken the currency, which usually contributes to higher prices for commodities

Meanwhile, the optimism of market participants added to yesterday's data from Baker Hughes, which showed that the number of drilling rigs for oil and gas around the world fell in March 2016 to 210 units, or 11.9%, on a monthly basis up to 1 thousand . 551 pieces. In annual terms, the number of such plants has fallen by 1 thousand. 6 units. In particular, according to the company, the rate in the US fell by 54 units on a monthly basis, and amounted to 478 units. In Canada, the rate for the month decreased by 123 units to 88 rigs. The number of installations in Europe decreased by 11 units to 96 units. In the Middle East figure dropped to 7 units to 397 units.

However, concern over the excess reserves of the world is still, after Iraq said yesterday that in April, exports from the southern ports of the country reached almost 3.5 million barrels per day in March compared to the average volume of 3.29 million barrels per day.

WTI for delivery in May rose to $39.61 a barrel. Brent for May rose to $41.70 a barrel.

Quotes of gold rose moderately, having played all previously lost positions today, helped by the weakening US dollar. At the end of the week yellow metal can fix the largest increase in five weeks.

Analysts say an uncertain economic and political prospects in the United States forced investors to buy safe-haven assets. Yesterday the head of the Federal Reserve System Yellen, in a conversation with former Presidents of the Central Bank, said that the US economic indicators point to the possibility of further interest rate rises. However, futures on interest rates Fed continues to point to less than 20 per cent chance of a rate hike in June. According to the minutes of the March meeting of the Fed, most managers do not expect the central bank raising interest rates at a meeting this month. Most economists surveyed by The Wall Street Journal in the last days, believe that the next Fed rate increase in June. Recall, higher interest rates have a downward pressure on the price of gold, which brings its holders to interest income and that is difficult to compete with the assets, bringing that income against the background of increasing interest rates.

"Yellen said that a further increase in Fed rates will be gradual market not expect four rate increase this year, which the Fed has hinted in December 2015." - Said an analyst at LBBW Torsten Proettel. He added that it is still waiting for the falling prices of gold, as the positioning on the futures markets looks congested, while the inflow of funds into stock products shall be suspended. Data from the SPDR Gold Trust showed that this week's gold reserves have not changed after the fixation of the first weekly outflow of the year last week.

Demand for physical gold from Asia has also been weak in recent years, analysts say.

April futures price of gold on COMEX today rose to $ 1240.7 per ounce.

Russia's Energy Minister Alexander Novak said on Friday that he hoped for a deal at the meeting between OPEC and non-OPEC countries in Doha on April 17. He noted that countries would discuss a freeze of oil production at January levels.

Iran will participate at that meeting but it is unlikely that the country will freeze its oil output. Iran's Foreign Minister Javad Zarif said on Thursday that the country wanted to regain its place on the oil market.

The Fed Chairwoman Janet Yellen said in a speech in New York on Thursday that the U.S. economy continued to progress and the U.S. labour market continued to strengthen. She also said that there were signs of the accelerating in inflation, adding that low inflation, which was driven by the strong U.S. dollar and low oil prices, was temporary.

The Fed chairwoman noted that the global growth remained weak.

Yellen pointed out that the Fed remained on track for further interest rate hikes, saying that the decision to raise the interest rate in December was the right decision.

"We remain on a reasonable path and I don't think December was a mistake," the Fed chairwoman said. She added that further interest rate hikes should be gradual.

Yellen noted that the U.S. economy was not a bubble economy.

Oil driller Baker Hughes said on Thursday that the international rig count for March fell to 985 from 1,018 in February.

The average U.S. rig number declined to 478 in March from the 532 in February.

The worldwide rig count for March decreased to 1,551 from 1,761 in February.

(raw materials / closing price /% change)

Oil 37.62 +0.97%

Gold 1,242.20 +0.38%