(VOVworld) – World oil prices increased slightly Wednesday after reaching their lowest point in the last 5 years.

World oil prices dropped to their lowest point in the last 5 years.

By the end of Wednesday’s trading session in London, the price of Brent crude oil had increased 1.17 USD to 31.18 USD a barrel.
In New York, the price of West Texas Intermediate crude oil increased 54 cents to 56.47 USD a barrel. The price rise is due to the Russian Finance Ministry beginning to disburse its foreign currency reserves, worth 7 billion USD, in order to stop the devaluation of the Ruble.
While investors praised Russia’s attempt to stabilise the oil market, analysts said the price surge will likely short-lived as a result of waning demand, increasing supplies, and Europe’s slow economic growth.