The price of oil jumped by 4 - 5% by Monday evening - market participants fear that due to the Western sanctions against Russia there will be a deficit. In addition, the growth of quotations was stimulated by the fall of the dollar.

U.S. President Joe Biden during his visit to Saudi Arabia failed to persuade Saudi Arabia to increase oil production, a shortage of which is caused by his own sanctions. According to Prime News Agency, Riyadh said that the country's policy in this regard will depend on the market situation and be agreed within the OPEC+ alliance (of which Russia is a member). In this backdrop UBS expects further growth in oil prices, reports Bloomberg.

However, the slowdown of global economic development will have a negative impact on demand, which will restrain the rally. As the reports of IMF, World Bank and OECD showed, the strongest recession for 80 years is expected. At the same time, inflation will remain elevated worldwide until the end of next year, according to these financial institutions. Their forecasts of global GDP growth for the current year were lowered to 2.9 - 3%.