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- Oil trading lower at the start of the week
Oil trading lower at the start of the week
This morning, the New York futures for Brent have fallen by 0.35% to $ 48.08 and WTI down 0.14% to $ 50.12 per barrel. Thus, the black gold is traded in the red zone on a potential correction as OPEC agreement on joint action to stabilize the oil market still supports the prices. The cartel at an informal meeting in Algeria on Wednesday agreed on a production limit in the range of 32,5-33 million barrels of oil per day. The final decision will be taken at a meeting on November 30 in Vienna. Also, traders note statistics from the US oil service company Baker Hughes. At the end of last week the number of drilling rigs increased by 11 units, or 2.15%, to 522 units. The annualized rate decreased to 287 units or 35.4%. The amount of oil rigs increased by 7 units, or 1.67%, up to 425 pieces.
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