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The price of oil collapsed to a minimum, and could still fall

Experts predict a serious swing quotes

Oil prices slipping to their lows. On the morning of 23 November Brent futures fell by 2.5% and reached $par to the 61.86 per barrel. A barrel of WTI fell by 2.4 per cent — have reached $53.3 per barrel. This is the minimum price tags for 2018. They explained the rapid increase in the supply of his daily amount in the world has reached 100 million barrels.

Experts claim that this is more than enough for current consumption. Third of the world’s oil is produced in the United States, Russia and Saudi Arabia.

 

Until recently, analysts said about the strained relations of the United States with partners in Riyadh. However, the head of the White house Donald trump yesterday made a loud statement about the full understanding and cooperation with Arab partners. Which further pushed oil prices down.

“I keep prices down, they (Saudi Arabia) to help me keep them. Now we have low oil prices, I want them lower,” said trump.

Investors closely followed his tweets and each time was convinced of the futility of investment in oil assets.

“Oil prices are falling. Great! It’s like a big tax cut for America and the world. Enjoy! $54 (per barrel WTI), because it was just $82. Thank you Saudi Arabia, but let’s even lower,” wrote the American President.

Strong statements will continue to put pressure on the oil market today. Experts predict strong price buildup in the auction.

“The likely daily range of trading 23 November for Brent crude oil is $61,6-$62,7 per barrel,” — says a senior analyst at Alpari Vadim Iosub.

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