Brent oil price falls to $79.9 per barrel

12:30 | 27.11.2023
Brent oil price falls to $79.9 per barrel

Brent oil price falls to $79.9 per barrel

Oil prices continued to decline on Monday; traders are waiting for the meeting of OPEC+ ministers, which was postponed from November 26 to November 30,  reported from Interfax.

The price of January futures for Brent on the London ICE Futures exchange is $79.85 per barrel, $0.73 (0.91%) lower than the previous session's close.

WTI oil futures for January in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.73 (0.97%) to $74.81 per barrel.

Last week, Brent fell in price by less than 0.1%, WTI dropped by 0.7%, and both contracts ended in the red for the fifth week in a row.

The postponement of the OPEC+ ministers’ meeting was caused by disagreements within the group, in particular, the desire of Angola and Nigeria to increase production, while Saudi Arabia continues to voluntarily limit production.

These reports eased traders' concerns about the possibility of an even more significant OPEC+ production cut, Market Watch notes.
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