1. Main
  2. Learn
  3. Economy
  4. Markets

Oil prices fall due to investors uncertainty23 ноября 2016, 17:45

© ria.ru © ria.ru

World oil prices declined on November 22 due to the uncertainty of investors regarding the possible outcome of a meeting of OPEC member countries and non-state organization in Vienna next week, Tengrinews.kz reported.

As at 23.40 Astana time the price of January futures for North Sea petroleum mix of mark Brent decreased by 1.06 percent - to 48.38 dollars per barrel. January futures price for WTI crude oil decreased by 1.80 percent - to 47.37 dollars per barrel.

At the end of September, at an informal meeting of OPEC in Algeria production limit in the range of 32,5-33 million barrels of oil per day was agreed. However,  there are still no agreements on specific limits for each of the countries, members of the organization. The final decision on the agreement shall be taken at the official meeting of OPEC on November 30 in Vienna. The organization expects the market and a number of other oil-producing countries to join the measures to stabilize.

Earlier, oil prices rose on positive sentiment regarding the upcoming meeting of OPEC in Vienna. Later, however, market participants began to overestimate the comments of representatives, which led to a reduction in price of "black gold". 

Some bank experts predict that Saudi Arabia and other Gulf countries may cut production, provided that the other members of OPEC will not increase production. For example, Iraq could boost supply. However, they warn that there are no guarantees for the deal to be agreed.


Nobel prizewinner proposes a new city in KZ
New abnormal snowfalls expected in Kazakhstan
Huge glacier retreat triggered in 1940s
Hyperloop construction begins in Las Vegas
"Moonlight" to top Spirit Awards nominations
Oil prices fall due to investors uncertainty
New dwarf galaxy discovered around Milky Way
Kanat Islam becomes a top ten WBO boxer
World oil prices continue to rise
Kazakhstan expects warming - Kazhydromet
Merkel to seek fourth term as chancellor
Sale of Tintin drawings set to break records
US, EU stocks fall as markets focus on dollar
Pacific leaders urged to defend free trade
EU warns eight nations on budget deficit
Universiade-2017: Athletic Village is ready
Bob Dylan can't make Nobel ceremony
Messi will never leave Barca - club president
Google, Facebook take aim at 'fake' news
Aerosmith announces Europe 'farewell' tour
Putin, Trump to normalise US-Russia ties
At least 10 hurt in southern Turkey blast
6.2 quake hits western Japan