Economy 20-11-2018

USA down oil prices in anticipation of OPEC cuts

US oil production has boosted the market despite uncertainty about potential future cuts.

The reasons why China has just imported an unprecedented amount of oil

Oil prices registered a fall on Tuesday after the US will increase its crude production and thus mitigate concerns over an expected cut from the Organization of the Petroleum Exporting Countries (OPEC).

Brent crude futures traded at $ 66.37 per barrel at 07:52 GMT, which is equivalent to a 0.6% drop since the last close, while WTI futures saw a 0.5% drop. to be at 56.94 dollars . According to Reuters , these prices were unprotected after a strong sale of shares on Wall Street linked to the impending decision of OPEC.

However, analysts also point out that the postponement announced by Russia regarding a potential agreement to reduce oil supply with OPEC was also a determining factor in the fall in prices, which are currently close to 25% below Peak registered in October.

Several entities expect OPEC to agree to reduce the supply of oil on December 6 at its official meeting, which could bring Brent crude back to $ 80 . From Washington and the International Energy Agency have spoken out against such a cut.


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