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Oil is falling in price due to the profit taking

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Oil is falling in price due to the profit taking

Oil is falling in price due to the profit taking
September 27
09:00 2016

On Tuesday oil quotations have fallen on the Asian trading due to the fact that investors have taken profits after the price increase by more than 3 percent. The previous session ended with the price growth.

In addition, the US dollar has risen against a basket of major currencies and it is putting pressure on prices. This shows that market participants consider Hillary Clinton, who is a representative of the democratic camp, the winner of the first presidential TV debate in the United States.

The largest oil producers are gathering in Algeria to participate in the meeting, which will last for three days. The issues regarding the changes in oil production volume in order to maintain oil prices are going to be discussed there.

“However, the markets are skeptical about the possibility of the agreement among the producing countries”,- said Michael McCarthy at CMC Markets in Sydney.

By the beginning of the day futures contracts for Brent crude oil have amounted to $ 47.15 per barrel, which is less than the closing of the previous session by 0.42 percent.

Contracts for WTI crude oil have fallen by 0.26 percent to $ 45.81 per barrel.

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