The effectiveness of the OPEC deal in doubt
Oil prices are suffering losses because investors do not trust adopted at the talks in Algiers, OPEC decision to limit production.
By 13:30 GMT, Brent oil traded near the mark of $ 49.20 per barrel, while futures for WTI fell to $ 47.30.
The question of what specific mechanisms will be used for the production of the members of the cartel restrictions, remains open. Countries formerly constantly violated limit on production, so to evaluate the long-term impact of OPEC's decision on the commodity market is difficult. There are also fears that a significant increase in oil prices, triggered the OPEC decision may result in increasing the volume of US shale oil production.
In this context, it is of interest weekly statistics from Baker Hughes on the number of active rigs in the United States, which will be published today.
The US dollar strengthened in the forex market, thereby potentially reducing the global demand for oil.