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Brent crude oil is falling in price to $ 47.25 per barrel

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Brent crude oil is falling in price to $ 47.25 per barrel

Brent crude oil is falling in price to $ 47.25 per barrel
September 23
09:00 2016

Quotes of reference oil brands are falling on Friday because the traders are taking profits after the previous two- day strong growth. According to MarketWatch, this increase was due to the expectation of the meeting of the OPEC member countries next week.

To the beginning of the day November futures for Brent oil have fallen in the price by $ 0.4 to $ 47.25 per barrel on the London Stock Exchange. They went up by $ 0.82 after finishing the day at $ 47.65 per barrel on the trading session on Thursday.

At the start of Friday prices of November contracts for WTI crude oil have decreased by $ 0.53 to $ 45.79 per barrel on electronic trading on the New York Mercantile Exchange. During the previous session the contract price increased by $ 0.98 and was equal to $ 46.32 per barrel at the closing moment.

Gao Jian, an energy analyst SCI International said: “Without significant catalysts prices will remain within a narrow range.”

Currently there is the uncertainty that the world’s leaders among the oil producers will be able to agree on the decrease in oil production. Thus, this uncertainty is putting pressure on the market.

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