The price of oil has made the Christmas peak down 6.7%
Stock Markets Group – the Price of Brent crude oil on Monday reached the lowest level over the past 18 months, as concerns about excess supply in the market and falling demand for energy continue to worry oil traders.
Political uncertainty in the United States after the partial shutdown, which apparently will last until the New year, and the growing risks on the global economic growth worsened the situation of oil prices.
Futures on crude oil Brent with delivery in February on the London stock exchange fell by 3.1 dollars, or 6.7%, to 50.43 dollars a barrel, the lowest level since mid-2017. In absolute terms, the current drop in oil was the strongest in the last three months.
We will remind that on Friday the price of oil fell by 0.29 dollars, or 0.6%, to $ 53.59 a barrel, after falling on the eve of 4.8%.
Despite the recent decision by OPEC members and countries outside the cartel to cut oil production by 1.2 million barrels per day from January 2019, crude oil prices continued to fall.
As Minister of energy of the United Arab Emirates Suhail al-mazroui said at Sunday’s press conference that OPEC and its members will hold an extraordinary meeting if the reduction in production does not stabilize the market in the next year.
Meanwhile, concerns about trade disputes between the US and China continues to haunt the markets around the world. According to reports, the trading Advisor of the White house Peter Navarro stated that a trade war between the US and China will not end soon.
However, now investors are preparing for the depreciation of “black gold” in the district 45-43 dollars, and this scenario seriously considered by the governments of many countries whose economies depend on the export of raw materials.
Analyst of commodity markets,
Stock Markets Group™