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This morning, New York futures for Brent have fallen 0.70% to $ 49.46 and WTI down 0.62% to $ 51.61 per barrel. Thus, the black gold is traded in the red zone because of doubts that OPEC's plan to limit the production can take control of a global glut that persists in the markets for more than two years. OPEC members to agree on plans to limit production at 32,50-33,0 million barrels per day in late November. At the moment, it produced a record 33.6 million barrels per day.
To achieve consensus among OPEC members, some of whom, such as Saudi Arabia and Iran, are political opponents, the representatives of the organization will hold a series of meetings over the next six weeks, the first meeting will be held in Istanbul this week. Although analysts believe that the agreement will lead to an increase in raw material prices, some are skeptical of its implementation.
Another reason for the pressure on oil was the growth in the number of US rigs, indicating a possible increase in production by US producers at prices near $ 50 a barrel.
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