With the being at the highest level for the last thirty years on a seasonal basis, oil is losing value after increasing the number of active oil wells by the U.S. corporations. Oil futures contracts in New York fell 0.7% today after losing value of 0.2% at the closing period of last week. According to the limiting oil production speculations on the market at the last times with Petroleum Exporting Countries (OPEC) decision, fluttered around the 50 USD level for per barrel. OPEC will create a committee about solving the problems about the oil production limiting issue, Libyan production cutbacks are also exempted from the decision.
- Date: 17 October 2016 Mon 10:35
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