Oil becomes cheaper more than for 3% against the background due to uncertainty according to the transaction of OPEC

The world prices for oil on Monday evening accelerated decrease against the background of the remaining uncertainty concerning implementation of the Algerian arrangements of OPEC on production restriction, data of the auction demonstrate, RIA Novosti reports.

As of 20:50 Moscow time cost of January futures for the North Sea oil mixture of the Brent brand fell by 3,51%, to 48,90 dollars for barrel. The price of December futures for WTI crude oil fell by 3,26% - to 47,11 dollars for barrel.

Following the results of another meeting of the export countries for discussion of options of the implementation of the Algerian agreement which took place last week, participants could not come to a consensus. The only decision was to meet again in Vienna before the summit of OPEC planned at the end of November. Due to the lack of concreteness negative moods of investors in the market are intensifying.

At the end of September OPEC at an informal meeting in Algeria coordinated restriction of production in the range of 32,5-33 million barrels of oil a day, however on concrete limits for each of the organization countries there are no arrangements yet. The final decision has to be made at an official meeting of OPEC on November 30 in Vienna.

Source: Nebit-Gaz