Oil slips more than 3% amid uncertainty over the OPEC deal

Нефть дешевеет более чем на 3% на фоне неопределенности по сделке ОПЕК

World oil prices on Monday evening, accelerated the decline amid continuing uncertainty regarding the implementation of the Algiers agreements by OPEC to limit production, according to the auction.

As of 20.50 MSK price of January futures for North sea petroleum mix of mark Brent decreased by 3.51% to 48,90 USD per barrel. The price of December futures for WTI crude oil fell by 3.26%, to 47.11 dollars per barrel.

The result of the regular meetings of the countries-exporters to discuss options of implementation of the Algiers agreement, held last week, members were unable to agree. The only solution was to meet in Vienna again before the planned end of November OPEC summit. Due to the lack of specificity of the negative investor sentiment in the market increase.

In late September, OPEC’s informal meeting in Algeria agreed on a restriction of output in the range of 32.5-33 million barrels of oil per day, but specific limits for each of the countries of the organization while there is no agreement. The final decision must be made on the official OPEC meeting on November 30 in Vienna.

The pressure on oil prices is also having a rising U.S. currency as oil prices are pegged to the dollar, and a stronger dollar makes oil more expensive for holders of foreign currencies. The dollar index (dollar to a basket of six currencies of countries — major U.S. trading partners) increases by 0.14% to 98,47 points.