Fading hopes and fears demand return oil to below $ 33

February 2, 2016 17:50

Falling oil prices continued through Tuesday, due to concerns about the low demand and high supply expectations.

While it hopes fade in terms of reaching an agreement between Russia and OPEC to cut production, the lower the price of Brent crude for delivery in April, by 3.7 percent and reduced the price to below $ 33 a barrel.

As well as the price of US crude fell by 3.6 up to $ 30.40 a barrel.

The Russian Energy Ministry has said during yesterday that Russian Energy Minister Venezuelan Oil Minister discussed the holding of joint consultations between OPEC and producers from abroad in the near future.

But experts do not expect any successful agreement between OPEC and Russia on the reduction of production, especially since higher prices will bring high production to markets.