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Oil is trading lower
This morning, the New York futures for Brent dropped 0.74% to $ 44.38 WTI fell 0.37% to $ 45.68 per barrel. Thus, the black gold is trading in the red zone on the background of market uncertainty, which is likely to persist, if OPEC and other oil producers do not agree on a substantial production cut.
According to the monthly report of the International Energy Agency, the oversupply in the oil market will continue in 2017 if OPEC members can not agree on production cuts, and manufacturers around the world, on the contrary, will increase the volume.
According to the IEA, world oil supply in October rose by 800,000 bpd to 97.8 million bpd, largely due to the record production volume in OPEC and countries outside the cartel, such as Russia, Brazil, Canada and Kazakhstan.
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