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Prices for "black gold" continue to fall
Without falling production, the "black gold" market is awaiting another over-supply, which has already led to a fall in prices in 2014.
The oil market has seen a drop in trading due to the suspicion that OPEC will take measures to reduce supply in the market. Interfax reports it on Friday, November 30th.
The price of January royalties at Brent on the London Stock Exchange ICE Futures until 19:00 Kiev dropped by $ 0.93 (1.56%) – at $ 58.58 per barrel. The contract for this contract ends on November 30th. More active futures in February dropped by 1.8% to $ 58.84 a barrel.
New York Mercantile Exchange (NYMEX) trading in January WTI futures expended for $ 0.95 (1.85%) for $ 50.50 per barrel this year.
Since the beginning of the week, the North Sea oil price has dropped by 22 cents, while the US increased by 8 cents. Meanwhile, since the beginning of November, Brent dropped in price by 22%, WTI – by almost 23%. This is the biggest monthly drop in prices for 10 years.
Representatives of Russia, including President Vladimir Putin and Energy Minister Alexander Novak, have recently said they are generally happy with current oil prices. Market participants have perceived such comments negatively, fearing that Russia 2019 will oppose the decline in oil production by OPEC + countries.
Meanwhile, there are fears that without further shrinking market production is expected another surplus supply that has already led to price hikes in 2014.
This week, oil futures fell by more than 1.5 percent – to their falls in October 2017 – after the release of US $ 3.6 million commercial oil reserves growth figures, with an expected growth of 0.3 million barrels.
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