Oil has fallen in price after the decision on the extension of the Vienna agreement

© RIA Novosti / Maxim to Bogodeeva in fotosannette conventional pumping unit. Archival photoOil has fallen in price after the decision on the extension of the Vienna agreement© RIA Novosti / Maxim to Bogodeeva the image Bank

World oil prices have accelerated the decline and fall of more than 5% against the decision of the oil producing countries to extend the agreement to reduce production in nine months on the same terms, which is not brought to market any surprises.

According to trading at 21.41 GMT the cost of July futures for North sea petroleum mix of mark Brent fell by 4.82% to 51.36 $ per barrel, WTI — on 4,98%, to 48,80 USD per barrel. Earlier, the oil price of both brands fell by more than 5%.

«The market seemed a little disappointed, because there is nothing greater (than expected — ed.)», — said the Agency Bloomberg analyst at HSH Nordbank AG, Yang Edelmann (Jan Edelmann).

At the last Thursday meeting in Vienna, all participants of the Vienna agreement agreed to extend the reduction in oil production for the nine months to the end of the first quarter of 2018.

OPEC agreed on 30 November last year in Vienna to reduce production by 1.2 million barrels per day from October levels to stabilize oil prices. Eleven non-OPEC countries, 10 Dec agreed to reduce its production a total of 558 thousand barrels, including RF — 300 thousand. The agreement was concluded for the first half of 2017 with possibility of extension.

Oil has fallen in price after the decision on the extension of the Vienna agreement© RIA Novosti, Informaticompletion: from exploration to the consumer

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