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Oil is falling against the OPEC agreement after the 5% growth

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Oil is falling against the OPEC agreement after the 5% growth

Oil is falling against the OPEC agreement after the 5% growth
September 29
10:30 2016

On Wednesday the 5-6% leap in price was made due to the OPEC preliminary agreements on the limitation of the raw material production. On Thursday oil is slightly falling in price as the market is in the process of evaluating the immediate effects of the OPEC agreements.

On the London Stock Exchange futures contracts for Brent crude oil for November have fallen in price by 0.4% and decreased to $ 48.52 per barrel. According to the results of the trading on Wednesday Brent price soared to $ 2.7 and amounted to $ 48.69 per barrel.

November futures for the US WTI crude oil have fallen by 0.1% and amounted to $ 47 per barrel on the electronic trading on the New York Mercantile Exchange. A day earlier the contract rose in price by $ 2.38 and amounted to $ 47.05 per barrel.

Members of the OPEC oil cartel have reached a consensus on the issue of reducing oil production from the current the level of 33.24 million barrels per day to 32,5-33 million barrels per day. It was a sudden for everyone – analysts, who forecasted the failure of negotiations, experts, who did not much believe in the constructive outcome of the meeting, and, most of all, for themselves.

But this decision has not been officially confirmed yet. It must acquire the official status at the OPEC meeting in Vienna in November. It is also planned to determine the volumes of production for each country separately and, in addition, to specify the terms of agreements execution.

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