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“Black gold” is rapidly becoming cheaper

«Черное золото» стремительно дешевеетBrent crude in London fell $2,97, while the price of WTI in new York fell $2,42.

World oil prices reference marks are dramatically reduced. This is evidenced by deals on Thursday, 6 December.

So, the price of February futures for North sea Brent crude on London exchange ICE Futures at 22:00 on Kiev declined to $2,97 (4,82%) – to $58,59 per barrel.

In turn, the price of oil WTI for January delivery in electronic trading on the new York Mercantile exchange (NYMEX) fell $2,42 (about 4.67%) to $50,42 per barrel.

The Minister of energy of Saudi Arabia Khalid al-falih said that the decision about a joint reduction in oil production by OPEC countries and partners of the cartel has not been made yet.

Currently considered options for production cuts within OPEC+ in the range of 0.5 million barrels per day to 2 million b/d, said the Minister, adding that in his opinion, a reduction of 1 million b/d would be adequate.

However, al-falih called for the renewal of the agreement for more than six months, possibly before the end of the third quarter of 2019.

Note that even on the morning of Thursday oil traded at the level of 61,06 USD per barrel. And last week it became known that from the beginning of November the price of oil Brent has fallen in price on 22%, WTI – by almost 23%. This is the sharpest monthly drop in prices in 10 years.

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