Thursday , December 3 2020

Oil falls back hard and $ 50 a barrel of bankruptcy



WTI is trading at $ 49.88 US, which represents a decrease of 2.58% compared to Friday.


World oil prices fall again on concerns about oversupply and prospects of reduced demand for cooling of the leading economies in the world.

Oil traded in New York, and serves as a reference for Chile overcame bar & # 39; er of $ 50 US per barrel for the first time in 2018.

WTI is trading at $ 49.88 US, which represents a decrease of 2.58% compared to Friday and its lowest level since October 9, 2017.

In Europe, the Brent benchmark fell by 1.11% to $ 59.61 US a barrel.

Both oil fell more than 25% in October and November due to excess excessive global reserves, but have stabilized over the past three weeks, trading at a fairly narrow limits and to the extent that oil producers have pledged to cut production, according to Reuters.

Some investors doubt that the planned supply cuts from the Organization of Petroleum Exporting Countries (OPEC) and other producers such as Russia, enough to balance the market.

Today, in fact, it was announced that production in Russia was around a record high of 11.42 million barrels per day (bpd) in December.

This is higher than the previous monthly record of 11.41 million barrels per day in October, touched on some of the & # 39 is the basis for a new agreement between OPEC and other major manufacturers to reduce pumping.


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