The world prices for oil on Monday decrease against the background of concerns of investors that the oil-producing countries in talks in September will help stabilize the market, according to the auction.

As at 08.36 the cost of the November futures for North sea petroleum mix of mark Brent fell 1.2% to $49.5 per barrel. The price of October futures for WTI declined by 1.39% to $46,9 per barrel.

The OPEC countries are planning to hold an informal meeting on the sidelines of the XV international energy forum in Algeria, which will be held from 26 to 28 September. According to the sources, at this meeting, OPEC will likely resume negotiations on the freezing of oil production, with countries within and outside the cartel.

While last week the Minister of energy of Saudi Arabia Khalid al-falih said that there is no need in a significant intervention in the situation on the market of “black gold”. In his opinion, the market is moving in the right direction, and the demand for oil is increasing. He also said that oil production in the country will remain around July’s record level of 10.67 million barrels a day.

Source: Prime

Oil slips amid doubts in the success of OPEC talks 29.08.2016

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