Sunday, January 21, 2018

OPEC oil decision risen by 5-6%, now stable

OPEC oil decision risen by 5-6%, now stable

Yesterday, the black gold has risen in price by 5-6% due to OPEC production on the Limitation of preliminary agreements.

Following the auction on September 28 the price of the November contract on crude oil Brentna ICE exchange in London soared to $ 2.72 (5.92%) - up to $ 48.69. During the bidding price of Brent rose above $ 49 a barrel.

The November futures contract for WTI on the New York Mercantile Exchange NYMEX jumped by $ 2.38 (5.33) to $ 47.05 per barrel.

Today, oil prices vary slightly. November futures for Brent crude on London's ICE Futures Exchange to 8:16 MSK lost in the price of 0.16%, dropping to $ 48.61 per barrel.

Oil futures for November WTI in electronic trading on the New York Mercantile Exchange (NYMEX) gained only 0.01% to $ 47.06 per barrel.

Market participants estimate the real impact today, the deal of the oil cartel.

Contrary to the predictions of analysts and opinions of OPEC experts at an informal meeting at Algiers unexpectedly for the market and it seems that for themselves, were able to negotiate a reduction in oil production from the current 33.24 million barrels per day to 32,5-33 million barrels per day.

This solution still has the informal status - the final written confirmation arrangements must be made at the official meeting of the cartel in Vienna in November. At the same time decisions will be made on quotas for each of the OPEC countries and defined timetable for the reduction.

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