Falling oil prices in first session deal after OPEC's failure to cut provided 12/7
Falling oil prices in the first session deal after OPEC's failure to cut provided
12/7/2015 0 Comments
Crude oil prices fell on Monday in the first trading session after the failure of the Organization of Petroleum Exporting Countries members Petroleum [OPEC] to agree at their meeting in Vienna, on Friday, on the goals of production to reduce a growing glut of oil in the market.
The total US crude price of $ 39.58 a barrel at 0038 GMT, Monday, down 39 cents.
The price of Brent crude fell 16 cents to $ 42.84 a barrel. And make this already allocated price indices near the lowest level for them in 2015, and not far from the level they reached during the height of the global financial crisis in 2008-2009.
OPEC failed to agree on a limit to the production of oil, after Iran said it would not consider the reduction of production only after the production, which recovered shrinking for years because of Western sanctions levels.
This is compounded by oversupply, which has seen demand exceeded output by between 0.5 million and two million barrels per day, and this led to a decline in excess of 60 per cent in oil prices since 2014.anthy