Oil falls near $33 per barrel amid fading hopes of reducing production
Representational file photo.
(IraqiNews.com) On Tuesday, oil prices fell nearly three percent amid worries about the demand as well as the increase in supply of crude oil at a time when hopes faded to reach an agreement between the Organization of Petroleum Exporting Countries (OPEC) and Russia on the reduction of production.
The price of Brent crude oil reached $33.23 per barrel by 11:20 GMT, after falling $1.75 or the equivalent of 4.9 percent to the settlement in the previous session, while the price of West Texas crude dropped to $30.73 a barrel, after falling two dollars or the equivalent of 5.9 percent in the previous session.
Noteworthy the Russian Ministry of Energy said on Monday that Russian Minister of Energy and Venezuelan Minister of Oil discussed the possibility of holding consultations between producers within OPEC in the near future.