Oil prices ease while world is waiting for OPEC’s decision on oil production cut

According to Reuters expert Wang Tao, Brent could rise to $49,85 per barrel. 23.Nov.16 10:24 PM By Anna Tuzova Photo Toinnov.com    162

World oil prices decrease slightly on Wednesday, waiting for news about OPEC-led cut, according to data of stock market. By 1313 GMT the price of International Brent crude futures fell 6 cents at $49.06, as Reuters said. The price has changed insignificantly during the day after reaching a peak $49.42 a barrel. According to Reuters expert Wang Tao, Brent could rise to $49,85 per barrel. The price for WTI (West Texas Intermediate) crude oil futures were down to $47,91 a barrel. It fell 12 cents after reaching $48.30. According to Olivier Jackob from Petromatrix consultancy in Switzerland, prices almost haven’t changed, regarding to the uncertainness about OPEC’s decision. The market has divided in its opinion and prices aren’t moving much. To be remained, the OPEC-led cut of oil production depends on the agreement of Iran and Iraq, which expressed reservations during the negotiations. Many traders see the possibility of reaching an agreement at OPEC, but doubts still remain that decrease of the oil production over 1.2 million bpd may not be achieved. Crude price also will depend on U.S. government data on oil stockpiles, according to an analyst at Commerzbank in Frankfurt, Carsten Fitch. It is expected to be stayed the same.

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