Oil prices are falling heavily after the Oprcs vengeance. A dozen countries outside the oil cartel decided to extend the agreement to reduce production. The new settlement terms, until march 2018.
The news was expected in the market, and oil prices had been strong prior to the meeting. WTI oil fell to 48,59 dollars a barrel, a decline of 5.2 per cent, while brent crude fell 4.9 per cent to 51,19 dollars/barrel.
”Some market participants were expecting maybe either greater restrictions, longer contracts, more countries would be included or something similar to the candy”, said Barclays analysts in a analysuppdatering, reports Bloomberg News.