World oil prices fell to the lowest in two weeks amid investors’ fears of the growth of the commercial stocks in the US and the anticipation of OPEC’s expert meeting.
This month’s Bloomberg’s commodity indices reflect this change.
As of 4:30 PM Georgian time, the price of December futures for Brent crude oil fell by 0.5% to constitute $48.47 per barrel. December futures for WTI crude oil fell 1.34% to $ 45.67 per barrel.
“Today’s technical meeting between representatives of the OPEC and Russia is unlikely to lead to any news. However, investors will stand on guard ” Tom Finlon analyst at Energy Analytics Group told Bloomberg.
Market participants are waiting for the data on the energy reserves in the US that the Department of Energy will release on Wednesday. It is expected that stocks have increased over the past week by 3.5 million barrels a day.