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Oil continues to fall in price after a sharp drop

18.09.2019,10:33


September 18, Fineko/abc.az. Oil prices continue to decline after a sharp fall the day before on Saudi Arabia's statements that it will continue to fulfill its obligations on oil supplies, including thanks to reserves.

As a result of trading on September 17 at the London ICE Futures exchange, the cost of the November Brent crude futures collapsed by $4.47 (6.48%), to $ 64.55 per barrel. On Wednesday, at 9:20, the November Brent futures fell $ 0.04 (0.06%) to $ 64.51 per barrel.

As a result of trading on September 17 at the New York Mercantile Exchange (NYMEX), October WTI oil futures fell $ 3.56 (5.66%), to $59.34 per barrel. On Wednesday, at 9:20 the cost of the October WTI oil futures fell by $ 0.26 (0.44%), to $ 59.08 per barrel.

According to the Minister of Energy of Saudi Arabia, Abdel Aziz bin Salman Al Saud, Saudi Arabia will increase oil production in the country to 11 million barrels per day by the end of September, and by the end of November it will produce 12 million bpd.

According to him, the country was able to fully restore energy supplies disrupted by the attack on Saudi Aramco facilities on the night of September 14.