Tuesday, October 17, 2017

The price of Brent crude oil fell to near $ 43 a barrel

The price of Brent crude oil fell to near $ 43 a barrel

Oil quotes are reduced on Friday, investors are preparing for the meeting of oil-producing countries in Doha on Sunday, reports Bloomberg.

The cost of June futures for Brent crude on London's ICE Futures exchange to 14:00 MSK fell $ 0.74 (1.69%) - up to $ 43.1 per barrel.

Futures price for WTI crude oil for May in electronic trading on the New York Mercantile Exchange (the NYMEX) decreased by this time to $ 0.85 (2.05%) - up to $ 40.65 per barrel.

Brent price rose this week on 2,8%, WTI - by 2.3%.

According to experts, if States fail to reach an agreement on the freezing of production, which is expected by many participants of the market, oil could drop sharply at the beginning of next week.

Analysts Wood Mackenzie Ltd. noted, the market has already laid the likelihood of a particular agreement to freeze production at the current price of oil, so the upside early next week limited.

"If any country - such as Iran - declare the impossibility of the transaction, it will be the worst outcome of the meeting in Doha, - said a senior analyst at Energy Aspects Amrita Sen. - But OPEC really does not want to return prices to six-year low".

As stated on Friday, the Iranian Oil Ministry Akbar Nematollahi, head of department, Bijan Namdar Zanganeh will not attend the meeting in Doha. Iranian delegation headed by Iran's representative to OPEC Kazempur Ardebili.

"Iran welcomes any efforts and is ready to facilitate the return of quotations of oil at a level acceptable to the recovery of the market"- A.Nematollahi said, adding that the country needs to return to the production level dosanktsionny.


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