Quotes on oil prices of WTI and Brent brands at the close of trading on the ICE Intercontinental Exchange on Tuesday, November 13, fell by 7.1 percent and 6.6 percent, respectively.
A month ago, traders allowed a return to $ 100 a barrel, and now it’s about over-offering oil – prices have dropped to $ 55–65.
A similar percentage drop in WTI in one day has not been observed since September 2015. The cost of oil of this brand has reached a minimum since November 2017 and is estimated at $ 55.69 per barrel. By the close of the exchange, the North Sea Brent was being traded at $ 65.47 per barrel – the lowest since March 16, 2018. As of 23:35 Moscow time, the Brent barrel batch was priced at $ 64.87.
On November 13, OPEC published a report in which it lowered its forecast for growth in global oil demand. The organization also reported that its member countries more than compensated the decline in production in Venezuela and Iran.
Quotations of oil were also affected by US President Donald Trump, who a day earlier urged OPEC not to reduce production levels and called the current oil prices too high.
* Saudi Arabia increased oil production in October by 141 thousand b / d – to 10.64 million b / d. The UAE reported an increase in oil production over the past month by 220 thousand b / d – to 3.27 million b / d.
Libya continues to recover production, having increased it in October by 60 thousand b / d – to 1.114 million b / d.
Last month, production in Iran significantly decreased by 156 thousand b / d – to less than 3.3 million b / d.
