terça-feira, 05 de dezembro, 2017

Oil drops after OPEC agreement extension

Oil closed down on Monday with a profit-taking by the markets after the extent of the reduction of world oil supply. A barrel of light sweet crude oil (WTI) for January delivery retreated 89 cents and was at 57.47 dollars on the New York Mercantile Exchange. In London, a barrel of North Sea Brent for February closed at 62.45 dollars, after losing 1.28 dollar towards Friday. "There has been big news since the announcement of the extension of the Vienna agreement" reached on Thursday between the Opec and producers, said Phil Flynn of the Price Futures Group. "An old saying claims that a market with tendency to high must be fed every day, and that's not the case now," he added. The oil comes in high for several weeks because the deal was deemed most likely. Investors took advantage of this Monday to realize profits, said Bill O'Grady of Confluence Investment. OPEC and its partners, including Russia, decided to continue to limit your production by the end of 2018, to help raise prices. The production limit Valley since January, has been renovated in May and includes 24 countries, led by Saudi Arabia and Russia, two of the three largest oil producers in the world.
AFP - 04/12/2017 Noticia traduzida automaticamente
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