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Oil reference brands again become cheaper. Investors are responding to comments about a possible reduction in production — the OPEC Ministerial Monitoring Committee + recommended extending the agreement to restrict oil production for another six months until the end of June 2019.
So, the February futures for Brent on the London Stock Exchange ICE Futures by 12:03 Kyiv time, fell to 59.59 dollars per barrel.
The cost of WTI futures for January at the electronic session on the New York Mercantile Exchange (NYMEX) dropped to this time to 51.33 dollars per barrel.
Further terms of the transaction to reduce oil production in 2019 will be discussed today, December 6, at the OPEC meeting.
Meanwhile, US President Donald Trump once again urged countries to abandon production cuts, because the world "does not need high oil prices," which will be made public on Thursday, will coincide with API data, the weekly rise in reserves will be the 11th in a row.