For the month oil has fallen in price on 17%.
Oil prices Friday morning fell below $ 47 per barrel. On Friday morning, a barrel of Brent crude oil was worth 46.9 per dollar.
Oil fell below $ 47 in late November of last year. In August 2016, the barrel of Brent fell to 45.9 per dollar.
Oil prices began to decline in early April. 11 APR oil cost of 56.6 per barrel. Since then, the oil price fell by more than 17%.
At the end of may will have a meeting of countries-members of OPEC. In November last year, OPEC agreed to cut production to support prices in the market. To the Treaty and joined Russia. This has led to a rise in oil prices in recent months.
However, many investors now fear that OPEC will not be able to fulfill its obligations, and at the meeting in may will not be able to agree on further production cuts.
Optimism about oil prices, no adds and production growth in the United States. Many economists believe that against this background, any reduction of oil production in OPEC become meaningless. For prices they have so much influence not only lead to the fact that the countries belonging to the cartel are losing their market share.
Falling prices have already led to the weakening of the ruble. At the evening auction on the Moscow stock exchange the dollar rose to 1 ruble and reached 58,39 ruble.
On Thursday, the Ministry of Finance of Russia announced the reduction of volumes of purchase of currency on the exchange. If the price of Russian oil Urals oil exceeds $ 40 per barrel, the Agency buys on the domestic market of the currency, and sends it to the Reserve Fund.
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