The price of oil has fallen to its lowest level since december of 2016. The background is that the american producers of slate increases the production.
In the morning traded brent crude for 44:75 dollars the barrel, which means that the price for the first time in 2017 have gone under 45 dollars. The u.s. oil is at the same time down at the 42:47 dollars, its lowest level since last summer which had a negative effect on the US stock exchange yesterday.
– What happens is that the u.s. production continues to increase and that means, despite the fact that OPEC and a large number of non-OPEC countries who sympathize with the OPEC has an agreement to cut production, that it does not look as if the oil market will move toward balance, ” says Martin Jansson, råvarustrateg at Handelsbanken.