Brent crude price dropped below $45

The cost of October futures for Brent on the London stock exchange ICE Futures by 8:07 am on Friday amounted to $44.91 per barrel, which is $0.18 (0.4%) below the price at the close of the previous session. As a result of trading on Thursday, these contracts fell by $ 0.08 (0.2%). It is reported by Interfax.

Futures on WTI for September at the electronic trading of the New York Mercantile Exchange (NYMEX) by this time decreased in price by $0.19 (0.45%), to $41.76 per barrel. The day before, the value of these contracts decreased by $0.24 (0.6%).

Iraq has pledged to cut production in August by an additional 400,000 bpd to offset overproduction in the previous three months, S&P Global Platts reported. This has a positive effect on the ratio of supply and demand in the market, especially given the transition of OPEC+ to the second stage of production cuts, which implies an increase in raw materials production.

As a reminder, on August 5, the price of Brent crude on the London ICE stock exchange rose to $45.07 per barrel.

Earlier it was reported that Kazakhstan in July exceeded its obligations under the OPEC+ deal.

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