Brent crude oil price dropped to less than $ 66.40 per barrel Economy – News Article | articles

Singapore – The Brent crude oil price fell on Tuesday, with worse prospects for world economic growth and rising production in the US outweighing market expectations that major producers will agree to cut mining in the coming weeks.

Representatives of the Organization of Petroleum Exporting Countries (OPEC) will meet in Vienna on 6 December to agree on the scope of production for the next six months. Saudi Arabia would like to persuade other countries to go ahead with its plan to reduce mining, up to 1.4 million barrels a day (1 barrel = 159 liters).

Many analysts are convinced that OPEC states could eventually reduce mining. "We expect the OPEC to agree on a reduction in production on 6 December," analysts of BNP Paribas said.

Production in the US is growing and currently stands at a record level of 11.7 million barrels per day. Since the beginning of the year it has increased by about 25%.

The Brent crude oil price, with delivery in January, reached CET 66.36 (EUR 58.07) per barrel by 8.40 hrs. Compared with the previous deadline, this represents a decline of 43 cents.

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