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© Reuters.
Investing.com – Oil prices were the subject of a sell-off on Thursday, as US crude dropped below the barrel threshold to $ 50 for the first time since more than one year ago. year, while concerns remained about excess supply.
or 0.93% at $ 49.82 per barrel at 4:45 am ET (9:45 am GMT). This was its lowest level since October 9, 2017.
the benchmark for oil prices outside the United States, fell 74 cents, or 1.25%, to $ 58.35, after reaching its lowest level since October 24, 2017. [19659004] Prices have been pressured again after data on Wednesday showed US crude inventories were up again last week , reaching their highest levels in more than a year. In its weekly report, the Energy Information Administration said that oil stocks had risen 450 million barrels.
Prices also remained under pressure, with Russian President Vladimir Putin saying he was comfortable with current levels, questioning OPEC's ability to move from one country to another. # 39; before. with s. Putin said on Wednesday that prices were around 60 dollars a barrel, the Russian budget should be balanced at 40 dollars.
Saudi Arabia urged OPEC and its non-OPEC allies, led by Russia, to agree to cut production by 30% since last October.
Analysts estimate that the group will announce a reduction of 1.1 million barrels a day during their meeting in Vienna on December 6 and 7.
The United States and Saudi Arabia Produce at Record Levels and Rising Stocks in the United States, Investors Fear OPEC is not in a position to counter the increase of the offer.
Traders will monitor the G20 summit this weekend, where Putin is expected to be on the sidelines of the Saudi Crown Prince to discuss plans for production.
"We are now in contact with OPEC and if necessary, we will continue this joint work," said Putin about the current agreement to stabilize markets.
pped 0.74% to 1.3659 USD per gallon at 4:51 ET (9:51 GMT), while losing 0.70% to 1.8223 USD a gallon. are trading 1.87% to 4.611 dollars per million British thermal units
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