The price of oil fell below $ 60 per barrel

Цена на нефть рухнула ниже 60 долларов за баррель

Oil continues to fall for the seventh week in a row

On Friday, the rate of decline in oil prices accelerated, updating the lows for the year. Since October the price has fallen by almost a third.

The Brent oil price at auction on Friday, November 23, increased the fall to more than 4% and fell below $60 a barrel for the first time since October of 2017, reports Bloomberg.

16:25 of the January futures contract on Brent fell to $59,77 per barrel. Prior to this, the price dropped to $59,41.

Цена на нефть рухнула ниже 60 долларов за баррель

 

The fall in oil prices accelerated after the day before, Saudi Arabia has signaled that oil production in November probably updated record.

During the day, Brent crude broke through the support level 38.2% of Fibonacci ($of 62.27 per barrel), which is another signal the possibility of further price fall. The fall in the level usually provokes closing of long positions (bets on higher prices) of major banks and hedge funds.

Earlier, U.S. President Donald trump called the fall in oil prices “gorgeous” and thanked him for Saudi Arabia.

In Russia said that oil prices in the long term, seriously reduced to approximately $50 will be approximately at this level in real terms.

 

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