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Economy 2019-04-15T05:27:22+03:00
Ukrainian news
Brent Oil Price Down 4.6%To USD 51.46/Barrel, WTI Down 4.8% To USD 48.9/Barrel May 25

Brent Oil Price Down 4.6%To USD 51.46/Barrel, WTI Down 4.8% To USD 48.9/Barrel May 25

On May 25, the price of July futures for Brent oil at the InterContinental Exchange Futures (ICE Futures) in London decreased by 4.6% or USD 2.5 per barrel against May 24 to USD 51.46 per barrel, and the price of July futures for WTI crude at the New York Mercantile Exchange (NYMEX) fell by 4.8% or USD 2.46 per barrel to USD 48.9 per barrel.

Ukrainian News Agency has seen the ICE Futures and NYMEX quotations.

As at 9:56 a.m., Friday, July futures for Brent at ICE Futures were trading at USD 51.59 per barrel, 0.25% or USD 0.13 per barrel higher than on May 25.

As at 9:56 a.m., Friday, July futures for WTI at NYMEX were trading at USD 48.92 per barrel, up 0.04% or USD 0.02 per barrel from May 25.

As Ukrainian News Agency reported, on November 30, 2016, the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut oil production by 1.2 million barrels to 32.5 million barrels a day starting January 1, 2017.

OPEC also expects the Organization's non-member countries to cut the production of oil by 600,000 barrels per day, in particular, the Russian Federation is expected to cut the production by 300,000 barrels

a day.

The price of January Brent oil in the ICE Futures trading on November 30 rose 8.80.8% (USD 4.09/barrel) to USD 50.47/barrel, and January futures for WTI oil at NYMEX rose 9.31% (USD 4.21/barrel) to USD 49.44/barrel in the wake of the OPEC decision to cap daily output.

December 10, 2016, OPEC non-members promised to reduce daily output by 0.56 million barrels.

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