The price of oil for the first time since November 2017 fell below 61 per dollar

© RIA Novosti / Maxim to Bogodeeva in photobacteria oil. Archival photoThe price of oil for the first time since November 2017 fell below 61 per dollar© RIA Novosti / Maxim to Bogodeeva the image Bank

. Crude oil on Friday is cheaper by more than 4.5% and Brent nearly 3% for the first time in more than a year breaking down the level of 61 dollar for barrel, according to the auction.

As at 14.08 GMT the price of January futures for North sea petroleum mix of mark Brent has decreased by 2.99% to 60,74 USD per barrel for the first time since November 3, 2017, dropping below $ 61 a barrel. WTI is cheaper by 4.58% — to 52.13 per barrel, while earlier in the trading it fell in price by more than 5%.

The main negative factor for the oil market remain concerns of an oversupply of raw materials amid prospects of slower global economic growth. These fears intensified after another the data about growth of stocks in the United States. US Department of energy on Wednesday reported that for the week to 16 November, commercial oil stocks in the country rose 4.9 million barrels, although analysts had expected growth of just 2.5 million barrels. Production for the week remained at 11.7 million barrels.

«Unexpectedly sharp rise in US inventories helped to preserve the anxiety in the markets. In the foreseeable future we do not expect the end of the downtrend. This will require a clear statement from OPEC’s readiness to significantly reduce oil production», — quotes Agency Market Watch review analysts Commerzbank.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of oil production to 1.8 million barrels per day from the level of October 2016, of which 300 thousand were in Russia. The contract started from the beginning of 2017 and has been extended until the end of 2018. In June 2018 OPEC+ agreed goal is to escape from the fulfillment of the terms of the agreement, which then accounted for 47%. Recently, however, traders are increasingly talking about the risk of oversupply of the commodity on the market in 2019. The further actions the participants will discuss in early December.

The meeting of the Ministerial monitoring Committee of OPEC+ will take place on 5 December in Vienna, December 6 there will be a meeting of Ministers of OPEC member countries, and on 7 December, the Ministers of all 25 member countries of the OPEC agreement+.

The price of oil for the first time since November 2017 fell below 61 per dollar© Infographicsrussia forces in the world oil market