Baku, Azerbaijan, Dec.23
By Leman Zeynalova – Trend:
World oil prices are falling on Dec.23 against the backdrop of profit taking by investors on the eve of Christmas, according to the trading data.
The price of February futures for Brent crude oil dropped by 0.42 percent and stood at $54.82 per barrel as of 02:00 EST.
This is while the price of February futures for West Texas Intermediate (WTI) oil decreased by 0.53 percent to $52.66 per barrel.
Another reason for weaker oil prices is the stronger US dollar.
However, in general, the investors are optimistic on the expectation of lower oil supply in the world as a result of the OPEC and non-OPEC agreement to cut the oil output.
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