Oil prices lost earlier earned positions and moved into negative territory as traders continue to analyze comments from OPEC about declining production prospects, as well as waiting for the publication of the US petroleum inventory data.
Many experts remain confident that OPEC will be able to work out a final agreement at the meeting on 30 November. In addition, the steady decline in US oil inventories suggests that oversupply is reduced without the aid of OPEC. However, other analysts believe that OPEC will be able to achieve an effective reduction in production. One of the key problems is Iraq’s refusal to use the data for the production of oil, provided by secondary sources when calculating catch limits of each of the OPEC countries.
OPEC oil production has reached record highs against the backdrop of Member States struggle for market share.
The cost of the December futures on US light crude oil WTI (Light Sweet Crude Oil) fell to 50.02 dollars per barrel on the New York Mercantile Exchange.
December futures price for Brent fell to 50.88 dollars a barrel on the London Stock Exchange ICE Futures Europe
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