Brent crude is trading above $ 70

Нефть Brent торгуется выше 70 долларов

The price of Brent crude stabilized at around $70,78 per barrel

Brent trades finish in the red for a fifth consecutive week, while WTI is cheaper the tenth consecutive session.

Oil prices vary too little in the Asian session on Friday, November 9, and finish in the red for a fifth consecutive week, while WTI is cheaper the tenth consecutive session.

So, the January futures for Brent on London’s ICE Futures exchange rose by 0.18% to $70,78 per barrel. The cost of the futures on WTI for December on the electronic session on the new York Mercantile exchange (NYMEX) has decreased on 0,05% – to $60,64 per barrel.

Since the beginning of the week Brent fell by 2.8%, WTI – by 4%. On the eve of WTI was transferred to the “bear” trend – the fall from the last peak recorded in early October, more than 20%.

The drop in oil market caused by concerns about oversupply of fuel after the U.S. government decided to make an exception for a number of countries and allow them to buy oil from Iran after the entry into force of sanctions against Iran.

As reported, in response to this, the monitoring Committee of the OPEC+ Sunday, November 11, to discuss the possibility of resuming the limitations of the production in 2019.

 

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