(raw materials / closing price /% change)

Oil 50.77 -0.53%

Gold 1,144.60 -1.64%

• Countries that are not members of the cartel, necessary to lower production for market rebalancing

• Saudi Arabia said its production in November increased by 95 000 barrels / day to 10.72 million barrels / day

• Oil market needed OPEC production cut of 32 million barrels / day, which roughly corresponds to the expected reduction in production

• Consistent reduction of oil production by 1.8 million barrels / day would lead to market balance in the second half

This morning, the New York futures for Brent dropped 1.13% to $ 52.38 and WTI -0.99% to $ 55.19 per barrel. Thus, the black gold is trading in the green zone on the background of the sudden growth of oil reserves in the United States and the assumption that OPEC could produce more oil in November than expected, potentially undermining the plans for production cuts.

According to API, crude oil inventories increased by 4.7 million barrels to 490.1 million, while analysts expected that they will fall by 1.6 million barrels.

Also, the market expects the Fed meeting, predicting a rate hike, which could support the dollar and make imports of fuel expensive for holders of other countries currencies.

Oil prices started to decline after rising for several weeks. Crude oil futures WTI for delivery in January traded at $ 52.38 a barrel, down 1.13%.

Futures for Brent crude for delivery in February fell by 1.01% reaching $ 55.16 per barrel, and the price difference between contracts for Brent and WTI was $ 2.78 per barrel.