Crude oil prices fell amid concerns about global demand and signs that OPEC will dither on supply cuts. Iraq and others are asking to be exempt from any arrangement requiring output quotas.The cartel met in Vienna this weekend to discuss the situation.

Meanwhile, the US oil rig count fell by two to 441 this week, according to oilfield services company Baker Hughes.

It was the first drop since the week of June 24.

This morning, the New York futures for Brent have fallen 0.57% to $ 48.43 and WTI decreased in value by -0.47% to $ 50.43 per barrel. Thus, the black gold is traded in the red zone because of differences between OPEC countries outside of OPEC, regarding oil production cuts.

Azerbaijan, Brazil, Kazakhstan, Mexico, Oman and Russia gathered for consultation in the Austrian capital. The only solution of the gathering was to meet again in Vienna before the next OPEC summit, the official statement said.

Russia plans to increase oil production in 2017 by 0.7 percent to 548 million tons, in 2018 by 0.9 percent to 553 million tons, and to maintain the same level in 2019.

(raw materials / closing price /% change)

Oil 48.26 -0.90%

Gold 1,279.80 +0.23%