Oil prices fall by more than 51 USD while Russia supports reduced production by Investing.com

Investing.com – Oil prices erased a previous drop that pushed US crude below US $ 50 for the first time in more than a year, and jumped on reports that Russia recognized the need for major producers to reduce their production.

New York- Trade increased 98 cents, or 1.98%, to 51.27 dollars a barrel at 9:35 am (14:35 GMT).

At the same time, the benchmark for oil prices outside the United States was traded 71 cents, or 1.20%, The Russian Ministry of Energy held a meeting with domestic producers in his country and the talks revealed that it was generally agreed that a reduction in production was needed and that the parties were badyzing the magnitude and timing of the cuts, Reuters reported , citing sources close to

Crude oil prices were hit earlier on Thursday by reports that Russian President Vladimir Putin was comfortable with a $ 60 barrel of oil. The Russian leader insisted that the budget should be balanced with prices as low as $ 40 per barrel, frightening investors who interpreted these remarks as a sign that Russia might not accept further cuts.

West Texas Intermediate crude oil fell by more than 1%. to reach 49.46 dollars, the first time that it was less than 50 dollars since October 2017.

Saudi Arabia pushed OPEC and its non-members allies of the United States. OPEC, led by Russia, to agree to reduce their production given lower prices by more than 30% Analysts estimate that the group will announce a reduction of 1.1 million barrels per day at their meeting in Vienna December 6th and 7th.

The United States and Saudi Arabia are producing at record levels and their stocks are increasing. in the United States, investors are worried that OPEC may not be able to counter the increase in supply.

Traders will also monitor the G20 summit this weekend, where Putin is expected to meet on the sidelines of the Crown Prince of Saudi Arabia to discuss a plan. In 1965, market share increased by 1.72% to 1.3998 dollars per gallon at 9:36 (14:36 ​​GMT), while the increase was 0.51% to 1.8445 dollar per gallon.

Finally, it yielded 3.32%. $ 4.543 per million British thermal units.