Oil prices fall on expectations of OPEC + meeting

The OPEC + ministerial monitoring committee meeting will not generate significant changes, market experts say.

World benchmark oil prices started to decline after a steady rise the day before. This is evidenced in trading data for the morning of Thursday, September 17.

On Wednesday, the market was supported by data on a decline in US oil reserves, but today investors await an online meeting of the OPEC + ministerial monitoring committee.

Thus, the November futures for Brent on the ICE futures exchange in London fell 0.55 dollars (1.59%) to 41.55 dollars per barrel. As a result of trading on Wednesday, these contracts rose $ 1.69 (4.2%).

The cost of a WTI futures contract for October in the electronic session on the New York Mercantile Exchange (NYMEX) decreased by $ 0.68 (1.69%) – to $ 39.48 per barrel. On Wednesday, futures were up $ 1.88 (4.9%).

The spread between the current contracts for Brent and WTI is $ 2.07 in favor of Brent.

According to Interfax, analysts hope that the OPEC + ministerial monitoring committee meeting will not lead to significant changes, and participants in the meeting will focus on monitoring compliance with the agreement to cut production.

According to AxiCorp analyst Stephen Inns, the meeting should not be expected to “lift the oil market out of the current recession and push Brent to $ 45 a barrel.”

Recall that in early September, Saudi Arabia collapsed oil prices after announcing new discounts on its raw materials.

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