World Oil Prices Fall

Oil prices show a negative trend amid fears of investors about the overabundance of extraction. The cost of North Sea Brent crude oil as of 10:45 Moscow Time was reduced to $ 57.07 per barrel. This is according to electronic trading on the London Exchange ICE.

Note that it is below the lowest level since May 11, 2009. The price of WTI crude oil has totaled 52.78 dollars per barrel.

It is worth to emphasize that from mid-June of this year, oil prices have fallen already just over 50%.

Investors fear the lack of signs of slowing oil production by OPEC.

"Oversupply in the market is not a problem that can be solved in the short term. Oil prices are under pressure, as the members of OPEC led by Saudi Arabia adhere to the position to maintain production volumes," said Hong Sung Ki, an analyst at Samsung Futures Inc.

Waiting for statistics on commercial oil stocks in the US, which the Energy Information Administration of the Ministry of Energy of the country will publish on Wednesday, will also affect the price of oil. Analysts polled by Reuters expected reduction of the reserves for the week ended Dec. 26 at 867,000 barrels. The volume of oil reserves for the week ending December 19 increased 7.3 million barrels - up to 387.2 million barrels.

Note that Saudi Oil Minister Ali al-Nuyami recently stated that OPEC will not cut production, even if oil prices fall to $ 20 a barrel.

The fundamental reason for the fall in prices is the excess of supply over demand. In the December report, OPEC projected that demand for OPEC oil in 2015 will be a minimum of 12 years. -12D--