Global oil prices continue to decline

Benchmark oil prices continued to decline on November 24, reported from Interfax.

The postponement of the meeting of OPEC+ ministers brought some nervousness to the market. However, experts believe that this won’t affect the results of the meeting.

Citi analysts expect Saudi Arabia to extend its voluntary production cap by 1 million bpd into the first quarter of 2024, with the rest of the world generally pledging to stick to their quotas until the end of the year.

UBS experts also predict that the cartel will reach an agreement on production restrictions. However, they expect oil price volatility to continue in the near future.

Quotes for January futures for Brent oil on the London ICE Futures exchange amounted to $81.33 per barrel, which is $0.09 (0.1%) lower than the closing price of the previous session.

The price of WTI oil futures for January in electronic trading on the New York Mercantile Exchange (NYMEX) dropped by $0.7 (0.9%) to $76.42 per barrel. The main session was not held on November 23 due to Thanksgiving Day in the US.





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