Signals, Powered By EquityPandit
For the first time since July 2017, the oil prices fell below US$ 50 for the first time since July 2017, due to the widening of volatility in the financial market and well as ramp up of oil production by the USA as a countering measure against supply cut by the OPEC+ coalition. Futures fell as much as 1.1 per cent, following a 6.2 per cent drop on Monday.
Russian Energy Minister Alexander Novak in an attempt to reassure investors stated that the deal between OPEC and its allies, were the agreement to cut the oil production was made, will result in more stability in the market during the first half of 2019.
Oil prices have dropped by more than 40 per cent from a four-year high in October on the foreshadowing of the possible supply glut. Brent for February settlement declined as much as 54 cents to $49.93 a barrel on the London-based ICE Futures Europe exchange, before paring losses to trade at $50.35 at 1:17 p.m. in Tokyo.
