Oil price of WTI fell in new York to the lowest level since February 2009

NEW YORK, December 8. /Corr. Igor Borisenko/. The price for oil grade WTI on the new York stock exchange yesterday at 13:10 (21:10 MSK) fell 5.9% to $37,61 per barrel. As noted, in this regard, the newspaper the Wall Street Journal, this is the lowest level since February 2009.

“The reason was the decision of OPEC to increase this year volume of production, as a result, oil prices were at their lowest level since the financial crisis,” the newspaper said, indicating that oil production in the OPEC countries “could increase even more in 2016 if will be canceled economic sanctions against Iran that will enable the country to increase oil exports”.

On the situation in the oil market, according to the newspaper, will have an impact and that in the next two weeks on the U.S. mainland are expected to be warmer than usual weather. that will reduce demand.

At the same time, according to nick Aksaras, an expert on global markets Canadian Imperial Bank of Commerce (CIBC), the current situation in the U.S. oil market that emerged after OPEC actually raised the production volume may change in 2016.

Under the influence of low world oil prices, he said in an interview with news service Bloomberg Business, reduced investment in the oil industry in the US, and “if will not drill new wells, production will decrease each quarter by a million barrels a day.” In the next six months, according to his estimates, the production volume in the U.S. will be reduced on 500 thousand barrels a day. Due to lower production, he added, “some growth in oil prices should be expected in 2016”.