The price of Brent oil rose to $40,93 per barrel after a strong decline

Moscow. December 8. The prices for oil imports weakly increase Tuesday after falling the previous day more than on 5%, to lows not seen in almost seven years, because of the decision of the Organization of countries-exporters of oil (OPEC) of maintaining actual production volumes of oil, amounting to about 31.5 million barrels a day, reported Bloomberg.

The members of the cartel agreed not to set quotas before its next meeting in June 2016.

The January futures for Brent crude on London’s ICE Futures exchange to 8:24 Moscow time has risen in price by $0.2 (0,49%) – to $40,93 per barrel. In trading on Monday, price dropped by $2.27 (5,28%), amounting to $40,73 per barrel, the lowest level since March 2009.

Futures prices for WTI crude oil for January in electronic trading on the new York Mercantile exchange (NYMEX) on Tuesday morning increased $0,05 (0,13%) to $37,7 per barrel. According to the results of the previous session, the contract price fell to $2,32 (5.8%) and amounted to $37,65 per barrel, the lowest level since February 2009.

“It’s hard to find any bullish factors that could push oil prices up, says commodity analyst at Hyundai Futures Corp. Villas Yun. – The period of oversupply of oil in the world will be long lasting, because Saudi Arabia wants to cut production adjustments in connection with the return of Iran”.

The decision Friday by OPEC, means that “everyone can do what I want”, said the Minister of oil of Iran Bijan Zanganeh assessing the excess supply in the market at $2 million. Iran is prepared to boost production immediately after the lifting of international sanctions against the country.

OPEC’s decision aims to protect the interests of the cartel members, says the oil Minister of Iraq Adil Abd al-Mahdi. “We protect the interests of our countries, protect the interests of our organization, – he said. – Americans have no ceiling production. The Russians are not. Why it needs to be in OPEC?”.