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- The price of oil fell slightly
The price of oil fell slightly
Pressure on the quotes provide investors' doubts about the ability of oil-producing countries to restrict production to curb global glut.
Since September, prices rose as the OPEC countries have reached a preliminary agreement on production cuts. However, increasing uncertainty about the deal this week led to a drop in oil prices by about 3%.
Experts of the Organization of Petroleum Exporting Countries, and colleagues from other oil-producing countries such as Russia, began the two days of talks. Conclusions are expected to be presented at the end of next month. However, hopes for an agreement are slim, as differences remain as to which OPEC countries can not participate in the production cut.
French oil company Total said today that expects continued instability in crude oil prices, adding that it will continue to cut costs. Total said that they lose about $ 2 billion euro cash flow at each drop of $ 10 il oil price.
The cost of the December futures for WTI fell to 49.50 dollars per barrel on the New York Mercantile Exchange.
December futures price for Brent fell to 50.02 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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