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Wednesday, 2 November 2016

Oil falls to lowest level since before Algiers agreement

Oil falls to lowest level since before Algiers agreement:

"Oil prices have fallen to their lowest level since Opec pledged to cut production in Algiers in September, as doubts grow about Opec’s ability to follow through with its plan.

Brent crude, the international benchmark, reached a 12-month high of over $53 per barrel after Russia said it would support the 14-member cartel’s plans to cut production to drive up prices.

However, the black stuff has lost almost all its gains in recent weeks as the difficulties of reaching a real agreement become clear. Official data showing the first increase in US crude production since March this week piled further pressure on the price.

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