Oil prices are falling on the background of new fears overabundance of raw materials on the market
Oil prices fell below $ 50 a barrel on Friday on fears that US President Donald Trump’s decision to abandon a global climate agreement could lead to more intensive extraction of crude oil in the United States, thereby maintaining a constant surplus of raw materials on the market.
Brent crude oil decreased by 1.7%, or 80 cents to $ 49.75 per barrel. Crude WTI crude oil showed a drop of 87 cents, or 1.81%, to $ 47.46 a barrel.
oil prices are reduced by about 7.5% after OPEC decided May 25 to further reduce the raw material production.
Faced with a prolonged glut market, the oil cartel also discussed last week’s decline in production of raw materials for another 1-1.5%, according to sources.
True the oil market has been offered support and according to official data showing that US oil reserves, the world’s main consumer of oil fell sharply last week, while the oil refining and exports grew to a record level.
The oil reserves have declined to 6.4 million barrels per week, topping analysts’ expectations of 2.5 million barrels.
Nevertheless, the volume of oil production in the US rose to 9.34 million barrels last week, which amounted to almost 500,000 barrels per day.
Oil prices dropped by 2% due to the recovery of production , profit-taking NEW YORK (Reuters) – Oil prices fell about 2 percent in the course of trading…
Rising oil prices restrain concerns about the fight against Saudi Arabia and Iran for market share LONDON (Reuters) – Oil prices rose on Tuesday on…
Oil prices held above $ 86 MOSCOW, Oct. 29 – Prime. Prices for Brent crude held on Wednesday above $ 86 per barrel. By 9:27 MSK futures for Brent rose by…
- Morgan Stanley is waiting for rebound on pounds
- Will Europe come to its senses
- US market in thought