Oil prices continue to fall

2017-08-08 03:42:05

(MENAFN- Trend News Agency ) Baku, Azerbaijan, Aug.8

By Leman Zeynalova – Trend:

World oil prices continue to fall on August 8 ahead of the results of the OPEC and non-OPEC meeting in Abdu-Dhabi.

The price for October futures of Brent oil has decreased by 0.32 percent to $52.20 per barrel as of 05:38 (UTC + 4).

The price for September futures of West Texas Intermediate (WTI) dropped by 0.26 percent and stood at $49.26 per barrel.

Following the 4th meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) in St. Petersburg, Russia, on 24 July 2017, the Joint OPEC-Non-OPEC Technical Committee (JTC) has been instructed to convene with some OPEC member countries as well as some non-OPEC participating countries to identify ways and means of raising levels of conformity.

This is a technical meeting being held to better understand the difficulties and obstacles faced by some OPEC and non-OPEC participating countries and to assess how conformity levels can be improved with the goal of achieving a faster rebalanced global oil market, for the benefit of producers and consumers alike.

The participating OPEC and non-OPEC producing countries achieved a conformity level of 98 percent in June 2017.

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