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Oil is trading lower
This morning, New York futures for Brent have fallen in price by 1.17% to $ 47.28 and crude oil futures for WTI down 1.28% to $ 49.16 per barrel. Thus, the black gold is traded in the red zone as market participants questioned the possibility of achieving a formal agreement between the OPEC countries to reduce oil production. The reason for failure of informal arrangements may be disagreements between the cartel participants.
Recall that OPEC have agreed to limit the production level at 32,5-33,0 million barrels per day from approximately 33.5 million barrels per day produced in August, Reuters writes. The final decision, including quotas for each country and deadlines will be agreed at the OPEC summit in November.
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