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Reduction of oil price affected by OPEC’s decisions (2016-11-02)

Reduction of oil price affected by OPEC’s decisions

According to the traders, the oil price of the West Texas Intermediate was affected by the report of the American Petroleum Institute on Tuesday, which showed that United States crude oil reserves that rose 1.8 million barrels and reached up to 457.3 million barrels, decreased on November 24th weekend. Official statistics of United States oil reserves will publish on Wednesday afternoon.

West Texas Intermediate also has been negatively affected by the gradual resumption of the Kia Austin pipeline activity which transports Canada’s oil to the United States.

Brent crude oil prices, which are the base prices in the international market, dropped by 47 cents or 0.7 percent and reached 63.14 dollars per barrel.

The oil prices of this year improved under the influence of OPEC and non-OPEC producers’ contract due to reduction of their productions up to 1.8 million barrels per day, and Brent’s oil has risen by 40% since mid-2017.

This agreement will end on March 2018, but OPEC will hold its official meeting on Thursday and it is expected that the extend of production reduction agreement will be discussed.

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