The price of oil of mark Brent fell below $ 51$ per barrel

© Fotolia / alco81Добыча oil. Archival photoThe price of oil of mark Brent fell below $ 51$ per barrel© Fotolia / alco81

World oil prices continue to decline on Friday against the decision of the oil producing countries to extend the agreement to reduce production in nine months on the same terms that did not bring any surprises market; the Brent crude for the first time since may 15 fell below $ 51 a barrel, according to the auction.

As of 6.33 MSK, the cost of July futures for North sea petroleum mix of mark Brent dropped to 50,89 USD per barrel for the first time since may 15, having fallen below $ 51 a barrel.

The price of July futures for WTI crude oil fell 0.90% to 48.46 USD per barrel.

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.