The price of oil falls to 0.85% expecting the support of the OPEC countries+
us oil dropped Monday as concerns about demand for raw materials and data showing the increase in the number of drilling rigs in the U.S. was overshadowed by rumors that the supply will be reduced.
The price of Brent crude oil fell 61 cents, or 0,85%, to $ 70.94 a barrel after closing an increase of 1% on Friday. The U.S. WTI crude oil fell by 58 cents, or 0.9%, to 63,31 per barrel.
According to published on Friday, according to Baker Hughes, a U.S. power company last week increased the number of oil rigs operating for the second week in a row.
In addition, the demand for oil is maintained, as it is expected that China’s economic growth this year will slow to almost a 30-year low at 6.2%.
Meanwhile, the Organization of countries-exporters of oil (OPEC) and its allies will meet in June to decide whether to renew the Pact to cut production by 1.2 million barrels per day.
The de facto leader of OPEC, Saudi Arabia, plans to stick to a reduction in production volumes, but reports suggest that it can increase production from July, if the shortages of supply will continue in other places.
The Chairman of the Libyan national oil Corporation Mustafa Sanalla warned Friday that renewed fighting could destroy oil production in the country.
Separately, Russian Finance Minister Anton Siluanov said that the news Agency TASS said that Russia and OPEC may decide to increase the production in the fight for market share with the United States, but it will lead to a decline in oil prices to $ 40 per barrel.
Analyst of commodity markets,
Stock Markets Group