Oil prices are falling because the US and China

Цены на нефть снижаются из-за США и Китая

Brent crude in London fell $0,66, and the price of WTI in new York fell by $0.41.

World oil prices reference marks are moderately reduced on the signals of possible failure of a trade agreement between the US and China, as well as maintaining the overproduction of “black gold”. This according to the auction on Monday evening, February 11.

So, the April futures for Brent crude on London’s ICE Futures exchange fell $0,66 (1,06%) and is trading at $61,44 per barrel.

Quotes of WTI oil futures for March at the auction of the new York Mercantile exchange (NYMEX) decreased by $0.41 (0.78 percent) to $52,31 per barrel.

Market experts say that there remain doubts that the US and China reached a trade agreement by 1 March, when take effect the increased duties on Chinese goods. This puts pressure on oil.

Also a negative factor for the oil market was based on data from oilfield services company Baker Hughes to increase the number of active oil rigs in the US last week for seven units – up to 854 units. It portends increased activity in the industry.

Recall that oil production in the U.S. last week has not changed, remaining at record 1983 level of 11.9 million barrels per day by the end of the fourth week in a row.

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