According to Bloomberg, WTI oil price on December 1, 2014 fell to less than $ 65 per barrel. That was the lowest level since mid-2009, amid market expectations that OPEC will not constrain the fall in prices.
The price of WTI crude futures for delivery in New York Stock Exchange January trading initially fell by 3% to 64.10 dollars per barrel, but later rose to 64.68 dollars per barrel. Brent oil is trading at 68.44 dollars per barrel, and it is lower than the Friday’s figure - 2.4%.
According to traders forecasts, in the market will continue to take place the excess supply of raw materials. OPEC, whose members produce about 40% of the world's oil, on Thursday, November 27, left oil production quotas at 30 million Bbl per day.
Since the announcement of this decision, futures for WTI crude oil fell 10% to 65.99 dollars per barrel. That was the minimum since the last five years. And Brent oil, in its turn, fell below the level of $ 70 per barrel.
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