Oil per day fell nearly four dollars. Since the beginning of the week the price of Brent has fallen by 12%.
By Friday evening, 23 November, the fall in oil prices increased, Brent fell below $59 per barrel, and in the morning quotes started below 62 dollars, writes Bloomberg.
The January futures for Brent on London’s ICE Futures exchange to 18:30 fell to us $3.87 (6,18%), to $58,68 per barrel.
The contract for oil WTI with delivery in January on the system of the new York Mercantile exchange (NYMEX) fell by $3,59 (6,57%) to $of 51.04 per barrel.
Since the beginning of the week the price of Brent has fallen by 12%, WTI – by 9.6%. The oil market finishes in the red for the seventh consecutive week. The last time such a long fall was observed in 2015.
According to Bloomberg, the pessimism of the traders have reached such a scale that was not even during the collapse of the oil market in 2014.
The excess of options on sale over the options to purchase in the next 12 months reached the maximum for the entire history of observations, which the Agency is 2013.
The main factors influencing the oil market have not changed: demand growth slows and production is expected to continue to increase.
A sharp collapse in oil prices followed after the statement of Saudi Arabia about the record volume of oil production.
The President of the United States Donald trump called the drop in oil prices “gorgeous” and thanked him for Saudi Arabia.
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