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Oil pipe prices fall below $ 50



Caracas.- West Texas Intermediate (WTI) crude oil fell to less than $ 50 a barrel in New York for the first time in more than a year.

Significant fall in the reference value for America is attributed to the fact that operators "fear that OPEC will not work decisively to reduce the rebound on the global oil market".

The situation has created an obvious nervousness between group makers and independent allies.

The consequences of the latest decisions brought by Saudi Arabia, the largest producer of the organization, are being considered since Wednesday announcing that the country raised its production to a new record of 11.3 million barrels a day.

That, despite the fact that the future of the planned OPEP will be subject to fierce discussion at the next meeting planned by a group in Vienna to produce production strategies for the next year.

Increased extraction from Saudi Arabia, allegedly in response to US pressures and those companies in that country, means that oil reserves begin to rise again.

According to the latest records of the International Energy Agency (IEA) in the United States, crude oil is growing for 10 consecutive weeks.

In fact, North America stocks of crude oil amounted to 3.58 million barrels last week, "the longest progress since November 2015," the Energy Office said.

"Oil has entered our bear scenario," said Norbert Rücker, Research Manager on Macroeconomics and Raw Materials for Julius Bär Group Ltd. in Zurich.

"The current level of prices means that oil countries will maintain production growth or that the world economy will slow down significantly sooner."

Reading such a scenario leads to much more intensive discussion than was expected in OPEC.

So far, Russia, through President Vladimir Putin's mouth, was in favor of keeping the oil price at $ 60, as a "balanced and fair" quote. However, Brent dropped to 2.1 percent and touched $ 57.50 on ICE Futures Europe.


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