The price of oil rose slightly after falling the day before

Moscow. December 29. Oil prices reference marks Tuesday very slightly increase in the course of trading Friday after a strong fall the previous day.

February futures for Brent crude on London’s ICE Futures exchange to 8:09 Moscow time has risen in price by $0,04 (0,11%) – to $36,66 per barrel. In trading on Monday, the price dropped by $1.27 (3,35%), ending the day at $36,62 per barrel.

Futures prices for WTI crude oil for February in electronic trading on the new York Mercantile exchange (NYMEX) on Tuesday morning, the morning rose $0,02 (0,05%) to $36,83 per barrel. According to the results of the previous session, the contract price fell to $1,29 (3,39%) and amounted to close to $36,81 per barrel.

Saudi Arabia on Monday released a budget for next year in which the planned reduction of expenses by almost 14% due to low oil prices.

“The situation with the budget is the recognition that changes in the dynamics of the oil market had an impact on Saudi Arabia, says CMC Markets chief analyst RIC Spooner. – What became quite clear over the past year, is that if the market over-delivery – prices will be under pressure.”

The organization of countries-exporters of oil, the leader of which is Saudi Arabia, in December made the decision actually to abandon quotas for oil production.

In addition, Iran continues to aim to increase production after the lifting of sanctions that could further intensify the oversupply of oil on the world market, experts say.