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Economy 2019-04-15T05:18:14+03:00
Ukrainian news
Brent Oil Price Down 0.1% To USD 52.37/Barrel, WTI Down 0.4% To USD 49.39/Barrel August 7

Brent Oil Price Down 0.1% To USD 52.37/Barrel, WTI Down 0.4% To USD 49.39/Barrel August 7

On August 7, the price of October futures for Brent oil at the InterContinental Exchange Futures (ICE Futures) in London fell by 0.1% or USD 0.05 per barrel against August 4 to USD 52.37 per barrel, and the price of September futures for WTI crude at the New York Mercantile Exchange (NYMEX) fell by 0.38% or USD 0.19 per barrel to USD 49.39 per barrel.

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

As at 9:17 a.m., Tuesday, October futures for Brent at ICE Futures were trading at USD 52.22 per barrel, 0.29% or USD 0.15 per barrel lower than on August 7.

As at 9:17 a.m., Tuesday, September futures for WTI at NYMEX were trading at USD 49.27 per barrel, 0.24% or USD 0.12 per barrel lower than on August 7.

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 8.82% (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.

In May 2017, OPEC and non-member countries agreed to prolong the agreement on oil production reduction by nine more months.

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