[ad_1]
© Reuters.
Investing.com – Oil prices were liquidated on Thursday as US crude oil fell below $ 50 a barrel for the first time in more than a year, as worries persisted on oil prices. Excess supply.
Transactions in the New York market fell 47 cents, or 0.93%, to $ 49.82 per barrel at 4:45 am (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.
Prices have come under new selling pressure after Wednesday's data showed that US crude inventories rose again last week, reaching their highest levels in more than a year. In its weekly report, the Energy Information Administration said oil stocks were increasing by 450 million barrels.
Prices also remained under pressure after Russian President Vladimir Putin said he was comfortable with current levels, questioning OPEC's ability to move ahead with art. Putin said on Wednesday that prices were around 60 dollars a barrel, the Russian budget should be balanced at 40 dollars.
Saudi Arabia has urged OPEC and its non-OPEC allies, led by Russia, to agree to reduce their production given the more than 30% drop in prices since then. last october.
Analysts say the group will announce a reduction of 1.1 million barrels a day during their meeting in Vienna on December 6 and 7.
As the United States and Saudi Arabia record record production and rising inventories in the United States, investors are worried that OPEC will not be able to cope with an increase in supply.
Traders will closely follow the weekend's G20 summit, where Putin is expected to meet on the sidelines of the Crown Prince of Saudi Arabia to discuss production plans.
"We are now in contact with OPEC and if necessary, we will continue this joint work," Putin said, referring to the agreement in force to stabilize the markets.
Other energy trade fell 0.74% to $ 1,3659 per gallon at 4:51 (ET) (9:51 GMT), while the 0.70% drop was 1 $ 8223 per gallon. Negotiated down 1.87% to $ 4.411 per million British thermal units
Fusion Media or anyone involved in Fusion Media will not accept any liability for loss or damage resulting from the use of the information, including the data, quotes, graphics and buy / sell signals contained in this site Web. Please be fully aware of the risks and costs associated with financial market transactions. This is one of the most risky forms of investing possible.
[ad_2]
Source link
