The price of Brent crude oil fell below $57 per barrel for the first time since Oct 2017
Oil prices fall for a third consecutive day in connection with reports about increase of reserves and the forecasts of record production volumes.
Oil reference marks accelerated the decline during trading on Tuesday, December 18. According to Reuters, the price of Brent updated at least October 2017.
The price of February futures for Brent on London’s ICE Futures exchange to 19:37 Moscow time has decreased on 2,74% – to $56,87 per barrel. The cost of the futures on WTI for January in trading on the new York Mercantile exchange (NYMEX) decreased by 5.8% to $47,28 per barrel.
Oil prices fall for a third consecutive day in connection with reports about increase of reserves and projections of a record production volume in the United States and Russia, combined with a sharp sell-off in global stock markets.
We will remind, on December 7, OPEC countries agree on reducing oil production in 2019 at 1.2 million barrels per day.Of this amount, the decline of 800 thousand barrels per day will come from OPEC countries and the remaining 400 thousand b/d – for countries outside the cartel. Each of the countries should cut oil production by about 3%.
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