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Oil Price fell by three Dollars, will there be another sudden drop?

Oil Prices bhglas.baAfter a long period of growth of oil prices on the world market which culminated on January 29, the beginning of a new week brought a somehow different scenario.

In just two days, the prices for a barrel of oil fell by three and two dollars when it comes to American and European oil, respectively. From the reached 34 (US WTI) and 36 (European Brent) dollars on Friday, the prices amounted to 30.5 and 33.3 dollars yesterday at 11 a.m. local time.

The last drop in prices follows the evident difference between the value of Texas and North Sea raw oil.

The last growth in the price of a barrel lasted from January 20, when the prices amounted to 28 and 27 dollars per barrel, while the highest price was 34 and 36 dollars, representing a growth by nearly 25 percent.

Then the price of oil was returned to the level from the beginning of January, when the beginning of the fall which ended on January 20 was recorded.

Projections are different due to the fact that there is a kind of hope given by the announced meeting of OPEC countries. Namely, upon the initiative of Saudi Arabia the possibility of decreasing the production will be considered this month.

(Source: klix.ba)

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