Brent traded in the red zone on skepticism about the likelihood of achieving an effective agreement between the producers, WTI adjusted upward as yesterday’s trading on the New York Mercantile Exchange was on hault due to the holiday in the US.
Brent jumped monday more than 5% to $ 49.40 session after Saudi Arabia and Russia pledged to work together to support the market.
However, prices have lost gains during the session and closed well below session highs amid disappointment about the details of the agreement.
The two world’s largest oil producer said to establish a working group to monitor the performance of the oil market for joint action to ensure the stability of the market.
Oil Minister of Saudi Arabia Khalid al-Falih and his Russian counterpart Alexander Novak will meet in Algeria in October and November to discuss co-operation in the framework of the new agreement.
OPEC members will discuss potential limitation of production in the course of an informal meeting on the sidelines of the International Energy Conference in Algiers on 26-28 September.
The cost of the October futures for US light crude oil WTI (Light Sweet Crude Oil) rose to 46.53 dollars per barrel on the New York Mercantile Exchange.
October futures price for North Sea petroleum mix of mark Brent fell to 46.29 dollars a barrel on the London Stock Exchange ICE Futures Europe.
The post Choppy trading conditions for oil today appeared first on forex-analytics.press.