The price of oil for the US reference variety WTI falls to less than 50 dollars

For the first time in more than a year, the price of oil for WTI, the US benchmark, in OTC electronic trading in New York has fallen below $ 50 per barrel. On the New York Mercantile Exchange (Nymex), the barrel (159 liters) to be delivered in the morning of January cost 49.88 dollars, 81 cents less than the day before.

A barrel of Brent from the North Sea cost US $ 58.11 this morning in London. In the morning, the price was even $ 57.50 – it was the lowest in October 2017.

Since the beginning of October, the price of oil has fallen by more than 30%. The reason: traders expect an oversupply and a simultaneous drop in demand due to the weakening of the economy. They do not expect the members of the Organization of Petroleum Exporting Countries (OPEC) and their partners to agree on stifling production in early December.

Saudi Arabia has already pointed out that it will not be content to reduce its production. In the United States, the camps are also full. Russian President Vladimir Putin has said that Russia could live at $ 60 a barrel, badysts at Commerzbank said.