The price of a barrel of oil fell on Monday after a meeting between the main world producers to evaluate a freeze on prices will not bear fruit, so that the world should continue dealing with excess oil.
early today Brent crude futures were operating at $ 41.80 , down little more than 3 percent from Friday’s close. Earlier, the contract he lost nearly 7 percent.
Crude oil futures in the US were down 3.62 percent at $ 38.90 a barrel then falling to $ 37.61 earlier in the session.
participants of the meeting in Doha, both members of the Organization of Petroleum Exportdores Countries (OPEC) cartel and external to the exporters, had met to discuss an agreement to stabilize production levels January to October this year.
But the pact collapsed after Saudi Arabia demanded that Iran will also participate, despite that Tehran had said he would not until he reached the production levels it had before the imposition of sanctions.
Goldman Sachs in a report is maintaining its forecast of $ 45 per barrel for oil US in the fourth quarter and $ 58 per barrel in 2017, because “low oil prices in the short term should lead to oil markets into a better balance.”
Traders said a strike by oil workers in Kuwait had reduced the country’s production by about 60 percent prevented the Brent fell below $ 40 a barrel.
last week, prices Brent had reached a four-month high of just under $ 45 a barrel on expectations that an agreement in Doha would curb the surplus of crude and set a floor for prices.
bags downward
Traders attributed the drop in major stock markets in the world, at the beginning of this week, setbacks showing the oil market after the Doha meeting in which there was no agreement on crude production.
the Nikkei index of the Tokyo Stock Exchange today closed with a drop of 572.08 points, or 3.40 percent, to stand in 16275.95 points. The second indicator, the Topix, which groups the values of the first section, fell 41.25 integers, 3.03 percent and stood at 1,320.15 units. Traders also attributed this negative impact it may have on the economy the recent earthquakes that have been felt in this region day.
The South Korean Kospi indicator market opened with a drop of 6.05 points , 0.3 percent, and it stood at 2008.66 points. Instead, the Kosdaq technology stocks index advanced 0.23 points, 0.03 percent, and stood at 695.85 units.
The general index of the Paris Stock Exchange recorded today a drop of 1.41% at the opening of the session and stood at 4431.98 points.
the Milan Stock Exchange today opened lower and its selective index FTSE MIB was down 1.68 % and it stood at 17,950.83 points. The general index FTSE Italy All-Share fell 1.57% and fell to the entire 19,628.13.
The main indicator of the Spanish stock market, the IBEX 35, began the first session of the week a cut of 1.84 percent it stood at 8,689 points, affected by the lack of agreement on oil production.
the London Stock Exchange opened today down and its main index , the FTSE-100 fell 66.93 points, 1.06%, and stood at 6276.82 integers.
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