Oil prices fell nearly 4% ahead of the summit of OPEC

In the course of the trading session the price of a barrel of North sea Brent fell to $of 46.92, which is 4% lower than the previous mark. As of 0:38 MSK decline of approximately 3.6% and prices fluctuate in the range of $47,40 – 47,50 per barrel.

As reported by Reuters, the decrease is due to the expectations from the summit of the OPEC which will take place today in Vienna. At the conclusion of an agreement to freeze production levels. However, analysts believe that such a development stopping position of Iran and Iraq, disagree with the opinion of Saudi Arabia for this reason.

Macquarie Capital analysts do not exclude that the final decision will be made “last minute”. And this despite the fact that the main issues have been discussed for several months: who is going to reduce production and by how much. Experts Macquarie suggested that the lack of agreement will drop the oil prices below $40 per barrel, while the agreement will raise the quotes above $50.

Previously, experts of Bloomberg suggested that the failure of the negotiations could cause the price of oil for the first time since January, will test the $30 per barrel on the background of increasing the production of OPEC and Russia in the fight for market share.