Brent is falling in price to $ 50.2 per barrel
Oil prices, after falling on Tuesday to their lowest level in 2 weeks, are going down on the background of the information that fuel reserves are increasing in the United States.
To the beginning of the day quotations of futures contracts for Brent crude oil for December have fallen by 1.1%, amounting to $ 50.21 per barrel on the London Stock Exchange.
At that time futures for the US WTI crude oil for December have fallen in price by 1.3% to $ 49.30 per barrel in electronic trading on the New York Mercantile Exchange.
According to the data from the American Petroleum Institute, which were published on Tuesday, last week fuel stocks in the United States jumped by 4.8 million barrels. This figure has exceeded the market forecasts.
Against the background of the continuing fall in prices, the market is expecting news about agreements among the countries- oil getters, which are experiencing less and less understanding.
Commerzbank experts wrote in the report: “Russia, at best, is ready to freeze the level of the production at that one, which has been uncertain yet. Iraq demands to be released from the obligations associated with a decrease in production, the same thing happens with Libya, Nigeria and Iran. “
In order to reach the agreement, the OPEC states have to agree on quotas for each country and it is getting less and less easy.