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Crude oil prices fell sharply in Wednesday's trade. At 2100 hours Swedish time, the price of Brent oil had fallen by 3.5% to 58.75 dollars per barrel.
The US oil WTI was traded at 50.32 dollars a barrel, a decrease of 3.3%.
Behind the decline are the rising oil stocks and the next G20 weekend summit and the following OPEC-möte.
US crude oil inventories rose 3.6 million barrels last week, according to new figures from the US Department of Energy. This was significantly more than expected and ten consecutive weeks when oil inventories rose.
At the same time, the focus is on the results of this weekend's meeting between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman.
Saudi Arabia is aware that the OPEC cartel on oil has to pull the cranes to avoid overpopulation of oil. However, Russia, which lies outside of OPEC, warned to tighten supply and President Putin said Wednesday that he was satisfied with a price of oil about 60 dollars.
The OPEC countries meet in Vienna on December 6th. Analysts expect OPEC and Russia to jointly eliminate the supply of 1.1 million barrels a day. He reports Bloomberg and refers to a survey of 36 analysts.
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