Brent and WTI price dynamics

For the third week in a row on the world oil market, prices for benchmark crude Brent and WTI continue to decline rapidly (from 89.94 at the beginning of October to 59.09 dollars per barrel for today - Brent, and from 75.37 to 51.26 dollars per barrel - WTI). In November 2018, the price of oil also reached its lowest level since October 2017. In this regard, traders and analysts declare that the rate of decline in quotations for the end of this month may be the maximum in the last 10 years.

Studying the reasons for the fall in prices, it should be noted that the last three weeks, oil production in the United States is at its peak, the state produces about 11.7 million barrels a day.

Of particular importance regarding the oil market is the G20 summit, which will be held in Buenos Aires today, November 30, 2018. During the event, a meeting of the Russian President with the Prince of Saudi Arabia, Mohammed bin Salman, should take place, during which the issue of oil will definitely be touched upon. Many experts in the oil industry say that as a result of this event, oil quotes will begin to rise up for the first time in two months.

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