The price of Brent crude fell a record in ten years

Цена на нефть Brent рекордно упала за десять лет

The price of “black gold” continues to decline

Without reducing the production the market of “black gold” is waiting for another oversupply, which has led to a collapse in prices in 2014.

The oil market reinforced the fall in the course of trading on doubts that OPEC+ will take steps to reduce supply in the market. It is reported by Interfax on Friday, November 30.

The price of January futures for Brentна the London ICE Futures exchange to 19:00 Kyiv decreased by $0,93 (1,56%) to $58,58 per barrel. Bidding this contract end on 30 November. The more active February futures fell 1.8% to $58,84 per barrel.

The cost of the futures on WTI for January in electronic trading on the new York Mercantile exchange (NYMEX) decreased by this time $of 0.95 (1.85 percent), to $50,50 dollars per barrel.

Since the beginning of the week the price of Brent crude oil fell 22 cents, American – grew by 8 cents. Meanwhile, since the beginning of November Brent has fallen in price on 22%, WTI– by almost 23%. This is the sharpest monthly drop in prices in 10 years.

Representatives of Russia, including President Vladimir Putin and energy Minister Alexander Novak, recently made the statement that overall they are satisfied with current oil prices. Participants of the market have negatively reacted to such comments, for fear that Russia will oppose the reduction of oil production by OPEC countries+ in 2019.

Meanwhile, there are fears that without reducing the production market is waiting for another oversupply, which has led to a collapse in prices in 2014.

This week oil futures fell more than 1.5% to the lows from October 2017 – after the publication of the data about growth of commercial stocks of oil in the US by 3.6 million barrels, with the forecast increase of 0.3 million barrels.

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