Oil prices fell to a five -year minimum

The drop in oil prices lasts the third day in a row due to an excess supply. The price of Brent oil futures during trading on Wednesday fell below $ 81 per barrel (by 0.99%, to 80.86 dollars), this is a minimum of 2009. A little later, the price of Brent price slowed down, by noon, the December futures for oil fell by 0.63%, up to $ 81.04 per barrel. By this time, the WTI variety was 0.85%, up to 77.28 dollars per barrel, Interfax reports.

The price of prices below the range of 81-82 dollars per barrel Brent from the point of view of technical analysis can open the way to target landmarks in the region of 76.5-77.5 dollars per barrel, exchange analysts say.

According to Bloomberg , on the evening of November 12, the price of Brent oil dropped below $ 80 per barrel.

The OPEC countries that will hold the next meeting on November 27, are in opinion on the issue of reducing production. So, the Minister of the oil industry Kuwait Ali al-Omair the day before said that the country did not plan to reduce the volume of production. The Minister of Energy of the UAE Suhel Muhammad al-Mazrui recognized the oversaturation of the oil market, but noted that this situation was not provoked by OPEC.

At the same time, Libya, Venezuela and Ecuador urge other OPEC countries to reduce prey.

According to experts that Bloomberg quotes, this trend is fed with signs that OPEC countries are not going to reduce oil production.

In addition, the attention of the market is aimed at data on energy reserves in the United States, which will be published by the Ministry of Energy on Wednesday evening. Inventories of oil in the United States are growing for the sixth week in a row.

According to Bloomberg analysts, oil reserves in the United States grew by 1.1 million barrels last week - to 381.3 million barrels, a maximum since July.

The rumors that appeared on the eve that Saudi Arabia is ready to reduce oil production in order to increase prices on the eve of the OPEC meeting on November 27, the market seems to have not been impressed. So, according to experts from Citigroup, the risk of weakening their positions in the Chinese market is one of the key factors why Saudi Arabia will not go to a decrease in the pace of production. They fear that in this case China can increase oil supplies from Russia, Kazakhstan, Ecuador and Venezuela.

Saudi Arabia and Kuwait itself may well arrange oil at a price of $ 75 per barrel. There will be no talk of large incomes in such a situation, but the Gulf of Persian monarchies will be enough to finance the current expenditures of money at decreased prices.