Oil prices are adjusted upwards after a sharp drop the day before

Oil prices are adjusted upwards after a sharp drop the day before


The cost of the January futures for North sea mixture of Brent rose to 40,95 USD per barrel. The price of WTI crude oil increased to 37,76 dollar.

MOSCOW, 8 Dec. World oil prices on Tuesday are adjusted upwards after falling by more than 5% yesterday on the decision by OPEC to maintain current quotas for oil production, according to AFP.

As at 07.25 GMT the price of January futures for North sea petroleum mix of mark Brent has grown on 0,54% — to 40,95 USD per barrel. While on Monday, it dropped below 41 dollars per barrel for the first time since February 23, 2009. The price of January futures for oil of mark WTI has grown on 0,28% to 37,76 per barrel.

OPEC at a meeting on Friday in Vienna decided not to change quotas on oil production, amounting to 30 million barrels per day, thus decided to maintain the level of actual production that exceeds the quota by 1.5 million barrels. Officially, the quota for 2011 is 30 million barrels a day but OPEC regularly exceeds it.

In addition, investors expect the base rate increase by the fed in December. Expectations pushed the us currency to rise, which also negatively affected the dynamics of commodity prices.

Since the beginning of summer 2014 to early 2015, oil prices have fallen by more than half, from 115 to 48.5 dollars per barrel Brent. The collapse of prices last year increased the November decision of OPEC to maintain production quotas. This year the prices have not climbed above $ 67, and averaged about 55 dollars. In the period from August to November, the average price was far below $ 48 a barrel. However, forecasts for 2016, also remains pessimistic.