On Tuesday, the prices of Brent crude oil dropped during the European session even as the agreement that took place between Russia and Saudi Arabia for stabilizing the oil market started fading. As far as London’s ICE Futures Exchange is concerned, the Brent oil prices for delivery dropped thirty five cents or 0.7 percent to hover around 47.28 dollars per barrel in the month of November.
On Monday, Brent went up by over five percent to reach an intra-day high of 49.40 dollars. However, the prices pared profits later to end at a daily high price of 47.63 dollars in view of the disappointment over the particulars of the agreement. Bothe Saudi Arabia and Russia pointed out that they shall establish a group for monitoring the market and designing recommendations for promoting stability.
Khalid al-Falih, Saudi Arabia’s oil minister as well as Russia Alexander Novak shall be meeting each other in Algeria in the month of October as well as Vienna in the month of November for discussing the method for co-operation as per the latest agreement.
The OPEC, spearheaded by Saudi Arabia as well as other Middle East crude exporters shall meet non-OPEC producing countries spearheaded by Russia to discuss things informally in Algeria from 26th to 28th September.