Oil prices on Thursday, August 18, moved to the fall because of the fixation of profits by investors amid fears of increasing Saudi Arabia’s production of “black gold” to record levels, according to Reuters.
At 08:30 in Kiev the cost of the October futures for North sea petroleum mix of mark Brent has decreased on 0,3% – to $from 49.66 per barrel, while the September futures for WTI – on 0,26% – to $46,79 per barrel.
It is noted that Saudi Arabia can update the record of oil production in August, which was recorded in July at the level of 10.67 million barrels a day.
Such plans world’s largest oil exporter has pushed some traders to take profits on the background of increased this month by 20% of the price.
However, prices remain at a maximum since the beginning of August and reached almost $50 per barrel in the previous session on Wednesday. The market supports the ability of the agreements to potential freezing of the black gold extraction by the countries-members of OPEC and other major producers, including Russia, next month.
“Arrangements for oil producers should be treated with caution. Such meetings have not previously yielded any results,” – noted the analysts of Citi bank.