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Oil gets cheaper, and Brent is $42.26 a barrel

20.10.2020,11:34


October 20, Fineko/abc.az. Oil prices are falling in Tuesday’s trading after completion of a meeting of the OPEC+ Ministerial Monitoring Committee (JMMC), which recommended the lagging countries to step up their efforts on production cut "debts", but did not address the issue of possible changes of the parameters of the deal.

By 9:10 am, at the London ICE Futures Exchange the Brent crude futures for December fell in price by $0.36 (0.84%) to $42.26 per barrel. At the end of trading on 19 October the price of Brent crude futures for December fell by $0.31 (0.72%) to $42.62 per barrel.

By 9:10 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for November fell in price by $0.26 (0.64%) to $40.57 per barrel. At the end of trading on 19 October the November WTI futures fell by $0.05 (0.12%) to $40.83. November WTI futures expire on Tuesday.

The JMMC reaffirmed the commitment of the OPEC+ countries to achieve full compliance and fill any gaps in their plans to compensate for previously under-delivered oil production. The OPEC+ Committee recommended that all countries participating in the agreement to step up their efforts on product cut "debts" in order to quickly balance the market and "prevent undue delay in this process".