Oil prices drop again – American WTI for the first time since October 2017 under $ 50 | 29/11/18

References to an even higher offer led to a further rise in oil prices during the drop recorded last Thursday.

After a slight recovery this week, the price of a barrel of US crude oil (159 liters) West Texas Intermediate (WTI) fell below the $ 50 mark in the morning to $ 49.41 in the morning for the first time since October 2017. At noon, the price was exactly $ 50, 29 cents less than the day before.

Brent from the North Sea has also fallen to its lowest level in over a year and in the meantime costs only $ 57.50. At noon, the price was $ 58.17, 59 cents less than the day before.

According to Eugen Weinberg, resource expert at Commerzbank, indices of a still high bid weigh on prices. Saudi Energy Minister Khalid Al-Falih and Russian President Vladimir Poutine Doubts have sparked the alliance between OPEC countries and major producing countries that could agree on a sufficiently large production cut at the meeting scheduled in Vienna next week.

According to Putin, Russia can very well live with a $ 60 oil price. Meanwhile, Al-Falih stressed that the production would not be cut on its own. Saudi Arabia had recently significantly increased its funding, putting pressure on prices. The American president Donald Trump thanked for that via Twitter. The fall in the price of oil is like a tax cut in the United States, the president wrote.

Putin and Saudi Crown Prince Mohammed bin Salman want to meet on Friday on the sidelines of the G20 summit in Argentina. It should also be a common line for the December meeting. "If there is no agreement, next week, further price declines are threatened," Weinberg said.

In addition, traders have justified price pressure by recent developments in oil reserves in the United States. On Wednesday, the US government announced that crude oil inventories rose for the tenth time in a row last week. High inventories may indicate under-demand or oversupply and generally weigh on oil prices.

LONDON / NEW YORK (dpa-AFX)