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Brent has fallen in price because of the doubts about the results of the agreements among the OPEC countries

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Brent has fallen in price because of the doubts about the results of the agreements among the OPEC countries

Brent has fallen in price because of the doubts about the results of the agreements among the OPEC countries
October 03
09:00 2016

At the beginning of the week oil quotes are falling against the background of the market concerns about the probability of the  reaching an agreement among the OPEC  members at the November meeting in Vienna, which in its turn will not change the supply and demand balance in the market.

According to the published on Friday information from Baker Huges, last week the number of drilling rigs in the United States increased by 7 – to 425.

Also, last week Reuters released the data that in September OPEC states had increased their oil production to the maximum point of 33,6 million barrels against  the August mark of 33.53 million. According to the preliminary decision of the OPEC, the cartel will reduce the production level to 32.5 – 33.0 million against the August indicators.

According to the IRNA agency, Iran is planning to increase the export in the near future. The actual figure of the Iranian export is 2.2 million but the country is going to increase it to 2.35 million barrels per day.

The price increase controls the fears that oil producing companies in the United States will be able to raise the production indexes in a short time with the help of modern technologies because of the growth of quotations.

At the beginning of the day futures contracts for Brent crude oil have fallen in price by 0.4% to $ 49.97 per barrel on the London Stock Exchange.

At the same time the quotes of November contracts for the US WTI crude oil have fallen by 0.6% to $ 47.93 per barrel oil on electronic trading on the New York Mercantile Exchange. In September Brent crude oil rose in price by 6.4%.

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