Oil prices continue downward trend: Unclear, Opec+strategy, and poor stock-market weigh on sentiment

finally, a Barrel (159 litres) cost of North sea Brent crude oil 48,10 US Dollar. The were $ 1.90 less than the previous day. The price for American crude oil o

Oil prices continue downward trend: Unclear, Opec+strategy, and poor stock-market weigh on sentiment

finally, a Barrel (159 litres) cost of North sea Brent crude oil 48,10 US Dollar. The were $ 1.90 less than the previous day. The price for American crude oil of the variety WTI fell by 1,69 dollars on 44,20 dollars. db Oil price Brent 47,67 USD -2,60 (-5,17%) Discussed over the counter

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Opec+ measures for the Oil price stabilization

a heavy burden to feel the crude oil prices due to the poor stock market sentiment. The increasing spread of the novel Coronavirus outside of China deteriorated, the economic expectations and dampens the demand for Oil. In addition, commodities are one of the riskier investments, which are avoided in uncertain times.

the Additional uncertainty created by the disagreement between the large oil producers. This Friday, the oil cartel Opec and allies assisted Nations, called together Opec+ will meet in Vienna. As on Thursday it became known, aims to Opec due to the Corona-crisis, an additional reduction of daily production by 1.5 million barrels. Russia, which does not belong to Opec, but Opec+, seems to be against any further capping. A solution to the dispute is not yet in sight.

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hyo/dpa
Date Of Update: 06 March 2020, 13:00

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