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Oil prices dropped sharply amid OPEC agreement

Нефть резко подешевела на фоне соглашения ОПЕКInvestors are disappointed with the results of the negotiations.

World oil prices fell by almost 6% per day against the decision of OPEC countries to extend the agreement to reduce output for the same conditions.

So, as of 09.00 in Kiev the cost of July futures for North sea petroleum mix of mark Brent fell to 51,13 dollars per barrel, and WTI – on 0,78%, from 48.52 per barrel. On the eve of the price for Brent exceeded $ 54, while WTI was worth nearly 51.5 per dollar.

According to Reuters, investors hoped that oil-producing countries to extend the agreement on the reduction of the production of “black gold” for a longer period or decide to increase the amount of reducing production.

So, according to the chief market strategist Greg McKenna AxiTrader, the latest OPEC decision will lead to the fact that the main factors influencing the global oil market will be data on reserves and production in the United States.

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