Oil Is Falling in Price due to Expectation of the Meeting of the OPEC+ Committee
OREANDA-NEWS. On July 13, oil prices are falling because of expectations of a meeting of the Joint Ministerial Monitoring Committee of OPEC+, scheduled for Wednesday.
The September futures price for Brent oil on the London Intercontinental Exchange at 6:26 UTC amounted to 42.93 US dollars per barrel, which is 0.31 dollars (0.72 %) lower than the closing price of the previous session. As a result of trading on Friday, these contracts rose by 0.89 dollars (2.1 %), to 43.24 dollars per barrel.
According to the Dow Jones Market Data, last week, WTI crude oil’s price fell by 0.3%, while Brent added 1 %.Analysts of the Oversea-Chinese Banking Corporation (OCBC) consider that the record high level of oil stocks in the United States and the second wave of coronavirus epidemic in the world contributed to the assumption that OPEC+ may make an unexpected decision to extend the reduction of 9.7 million barrels per day for next month, but OCBC representatives believe that this is unlikely.