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Oil prices fell moderately against the background of partial profit-taking, as well as the assumption of OPEC to reduce oil production may encounter obstacles.

Over the weekend, the head of Iraq's state-owned State Oil Marketing Organization (SOMO) Falah al-Amri said that Iraq does not intend to reduce the current level of oil production, which currently stands at 4.7 million barrels per day. He also noted that the volume of oil production in the country is a matter of its sovereignty. He said that Iraq must receive the same privileges as Libya and Nigeria

"The collective reduction in oil production would be more difficult without the participation of Iraq - Gao Jian at analyst SCI International -. There is a risk that Iraq's failure could trigger a domino effect, and other oil producers would also want to be excluded from the plan."

The cost of the December futures for US light crude oWTI (Light Sweet Crude Oil) fell to 50.25 dollars per barrel on the New York Mercantile Exchange.

December futures price for Brent fell to 51.20 dollars a barrel on the London Stock Exchange ICE Futures Europe.

Quotes of gold fell slightly, reaching 19 October low move caused by the strengthening of the US dollar, as well as investors focus on the timing of the next Fed hike. Some support for precious metals provided signs of improvement in physical demand among major Asian consumers.

The US Dollar Index, showing the US dollar against a basket of six major currencies, traded with an increase of 0.1%, near a 9-month high. Since gold prices are tied to the dollar, a stronger dollar makes the precious metal more expensive for holders of foreign currencies.

According to the futures market, the likelihood of tighter monetary policy by tje Fed in December is 74.2% against 69.5% the previous day. Recall that in early October, the likelihood of such a step was 60%. Some experts point out that the estimated probability of a hike in December is likely to grow by about 80% before the meeting. As it is known, higher interest rates tend to have a downward pressure on gold.

The cost of the November futures for gold on the COMEX fell to $ 1260.4 per ounce.

• There are signs the rebalancing of fundamentals are under way

• Demand is at healthy levels but overhang remains a major concern

• Decision in Algiers helped to calm volatility in oil markets

• It is essential that OPEC and non-OPEC countries address overcapacity

• Russia is crucial in addressing energy challenges

This morning, the New York futures for Brent down 0.37% to $ 50.66 and WTI decreased in price by 0.23% to $ 51.66 per barrel. Thus, the black gold is traded in the red zone on the background of profit taking and growing doubts that an agreement between the major producers on the supply constraints will lead to significant changes.

Russian Energy Minister Novak showed interest in participating in the OPEC's agreement on the reduction of production and said it will make appropriate proposals colleagues from Saudi Arabia.