Brent price drops to $84.8 per barrel

Oil prices fell on Tuesday after a slight rise in the previous session after Saudi Arabia and Russia decided to extend voluntary production restrictions, reported from Interfax.

January Brent futures fell in price on the London ICE Futures exchange by $0.41 (0.48%), to $84.77 per barrel.

December futures for WTI at this moment fell in price on the New York Mercantile Exchange (NYMEX) by $0.36 (0.45%), to $80.46 per barrel.

The market is being pressured by fears of a weakening global economy and demand for oil. "Weak economic expectations are holding back the oil market and justifying OPEC+ countries' stance of limiting production," OANDA analyst Craig Erlam told MarketWatch.

Last weekend, Saudi Arabia decided not to change the volume of voluntary reduction in oil production and will keep it at the level of 1 million bpd until the end of 2023. In December, Riyadh may reconsider the parameters of the restrictions in order to decide either to deepen the reduction or increase production, the Saudi state agency reported, citing a representative of the country's Ministry of Energy.





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