Brent opens on decline below $ 48 a barrel in early trading Monday

Roudao - Erbil
Brent opened the beginning of the trading week, on Monday, a drop below $ 48 a barrel , although for consensus within the Organization of Petroleum Exporting Countries , OPEC, last Wednesday, to cut production , which will examine the details of the end of November.
Member States of the "OPEC" and will hold a formal meeting in Vienna, the end of November / November, on its agenda a discussion to identify members of the 14 lots, including Saudi Arabia and Iran, as a prelude to cut crude oil supply in the global market.
And the end of last week, analysts' Goldman Sachs, "said a financial services and investment institution based in New York, said that despite the" OPEC "countries, an agreement to reduce the supply of oil," but we are skeptical about the long-term in the application of the proposed quota if adopted. "
Fell Global London Brent crude November / November delivery, to $ 47.90 a barrel, at the time (06:04 GMT), down from Friday closing price (the end of trading last week), amounting to $ 48.24, while the recorded Wednesday of $ 49.5 with the results of the meeting "OPEC".
Economist, "Wadah Al Taha," (Iraqi resident in the UAE), he saw that Brent prices, which rose late last week amounted to $ 49.7, and fell to below 48, do not reflect the current situation bombarded with oil surpluses around the world.
He explained that any agreement that does not pay off to reduce stocks in consumer countries, and increase demand for crude around the world, is an agreement that does not count on it.
Algeria hosted last Wednesday, a meeting of the Member States within the "OPEC" to discuss the current oil prices, came out with an agreement to cut production in the OECD countries, to discuss quotas each state during a meeting in Vienna the end of November / November.