- Oil is trading lower as the market digest the OPEC deal
Market news
2 December 2016
Oil is trading lower as the market digest the OPEC deal
This morning, the New York futures for Brent are down 0.71% to $ 50.72 and crude oil futures WTI fell 1.19% to $ 53.30 per barrel. Thus the black gold corrected after the recent rally associated with the OPEC agreement. On Wednesday OPEC and Russia agreed to reduce oil production by 1.5 million barrels per day. Now experts are focusing on the implementation of the measures. On the eve of the OPEC meeting the market saw a slight probability that the cartel will reach a significant agreement because of disputes between the de facto leader Saudi Arabia and the third-largest producer Iran.
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