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- Oil much lower in early trading
Oil much lower in early trading
This morning, New York crude oil futures for WTI fell by -1.64% to $ 46.85 and Brent oil futures were down -1.62% to $ 49.35 per barrel. Thus, the black gold is traded lower on the background of growth of oil production in Iraq, and after Iran presented conditions of cooperation with OPEC to stabilize the oil market. Analysts said that prices have fallen in relation to data on production growth in the Middle East. Oil exports from Iraq's southern ports reached an average of 3.205 million barrels per day in August, exceeding July's average.
Iran has announced its readiness to help other oil producers to stabilize the world market only if it will redeem its market share. According to experts, due to disagreement within OPEC, particularly between Saudi Arabia and Iran, there's not expect a significant impact of negotiations on prices.
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