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Brent crude fell below $77

Нефть Brent обвалилась ниже $77However, oil prices began a weak recovery in the morning of 24 October.

Tuesday, 23 October, oil prices fell sharply. The result quotes fell to a minimum since the beginning of September.

However, oil prices began a weak recovery in the morning of 24 October.

So, December futures for Brent on London’s ICE Futures exchange to 8:17 in Kiev rose by $0,34 (0,44%) – to $76,78 per barrel. On Tuesday the price collapsed to $3,39 (4,25%), and accounted for at closing $76,44 per barrel.

The cost of the futures on WTI for December on the electronic session on the new York Mercantile exchange (NYMEX) has increased by this time of $0.18 (0.27 percent) to $66,61 per barrel. At the end of last session, the price fell by $2,93 (4,22%), closed trading at $of 66.43 per barrel.

The collapse in prices on Tuesday was caused by concerns about the increase of oil production in Saudi Arabia, while the negative trend has intensified amid lower risk appetite from investors.

As stated by the Minister of energy of Saudi Arabia Khalid al-falih during a speech at a conference in Riyadh that his country would increase production to 11 million barrels per day from the current 10.7 million b/d and, if necessary, to increase it to 12 million b/d.

Besides, American stock indices on Tuesday fell by 0.4-0.5%, while during the session of their fall reached 2%. European indicators have lost more than 1%, Asian 2%.

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