World oil prices start to drop
Baku, Azerbaijan, Dec.13
By Leman Zeynalova – Trend:
World oil prices have started to drop Dec.13 after reaching the highest level since July 2015, according to the trading data.
The price of February futures for Brent crude oil has decreased by 0.31 percent to $55.52 per barrel as of 12:55 EST. This is while the price of January futures for West Texas Intermediate (WTI) oil dropped by 0.51 percent and stood at $52.56 per barrel.
Brent crude futures soared to $57.89 per barrel in overnight trading between Dec.11 and Dec.12, its highest level since July 2015.
During the meeting held in Vienna Dec.10, non-OPEC countries agreed to cut the oil output by 558,000 barrels per day.
Eleven non-OPEC countries agreed to reduce the oil output: Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and Republic of South Sudan.