Brent fell below $ 70 a barrel for the first time since April.
World oil prices on Friday, November 9, accelerated decline on fears of a surplus of fuel on the world market.
So, the January futures for Brent on London’s ICE Futures exchange at 12:05 cheaper by $0,63 (0,89%) – to $70,02 per barrel. Earlier in the session, the quotes for the first time since April 10 have fallen below $70 per barrel, reports the online edition of the Chronicle.info with reference to the Correspondent.
The cost of the futures on WTI for December on the electronic session on the new York Mercantile exchange (NYMEX) decreased by this time for $0.5 (0,82%) – to $60,17 per barrel.
Since the beginning of the week Brent fell by 3.85%, WTI – by 4.7%. Both brands are preparing to finish in negative territory for the fifth week in a row.
Oil is cheaper in anticipation of the meeting of the monitoring Committee of OPEC+, which will take place on the upcoming weekend. Market participants hope that the Ministers of oil-producing countries will discuss the possibility of reducing production in 2019.
Note, in early October, the price of oil exceeded $ 86, which was a record over the past four years. Since the raw material is constantly getting cheaper.