The black gold’s price goes down as investors fix income at maximum

Price for oil futures has declined on Tuesday after reaching the annual maximum as traders were fixing their income after a sharp rally that followed the OPEC’s decision on cutting the output. 07.Dec.16 9:59 PM By Anna Tuzova Photo Toinnov.com    628

The January futures contracts for the light, low sulphur oil have lost 34 cents in price, which is 0,7%  to $51,45 per barrel on the New York commodity exchange. Price for Brent that will be supplied in February has lost 26 cents which is 0,5% to $54,69 per barrel. The oil prices have grown significantly during several sessions before and after the OPEC’s deal on output cutting made this past week. Analysts stated that oil market is more probable to aim for growth with periodic setbacks as traders fix the income. The market has bought the story about balancing the demand and proposal with the full cooperation of OPEC to cut the output, — as oil analyst from Energy Aspect Virendra Chauhan has said. The oil prices grew by almost 15 per cent after the OPEC’s deal last week, and that will remove 1 per cent of supplies from the market, when the agreement will come into force in January. Oil prices may be influenced by the data on US stocks apart from the key theme: OPEC’s agreement. The data was supposed to first be available on Wednesday morning in New York, then the similar data will be published by the American Oil Institute. As  S&P Global Platts stated, American oil stocks might have been reduced by 1,7 million barrel on the previous week, but the agency has added that the agreement between the OPEC member countries may lead to the US output growth against the background of rising prices.

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