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Oil prices are stable, investors are waiting for OPEC + meeting in St. Petersburg

Oil prices are stable on Monday morning.

24.Jul.17 9:06 AM
By Daria Zaytseva


Oil prices are stable, investors are waiting for OPEC + meeting in St. Petersburg

Investors are waiting for the OPEC + meeting in St. Petersburg, where representatives of the group and non-members of the cartel will discuss the implementation of the global pact to cut production.

By 9.13 GMT, futures for Brent crude rose by 0.10 percent to $ 48.11 per barrel.

Futures for American oil WTI by this time traded at $ 45.78 per barrel, 0.02 percent higher than the previous closing.

The Organization of the Petroleum Exporting Countries and several countries outside the organization, including Russia, previously agreed to cut production by about 1.8 million barrels per day to restore the balance of world supply and demand.

According to sources, the OPEC monitoring committee may recommend including Libya and Nigeria in the deal, analysts also doubt that the cartel will take such a step.

"Reducing oil production in Libya and Nigeria is almost impossible, given that Libya is just beginning to move away from the civil war," says Kaname Gokon from Okato Shoji.

OPEC Secretary General Mohammed Barkindo said on Sunday that the rebalancing of the global market would accelerate in the second half of 2017.

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