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Oil prices change differently on doubts about cut effectiveness

Oil&Gas Materials 17 January 2017 12:45 (UTC +04:00)
World oil prices are changing differently on Jan.17 against the background of Saudi Arabia saying it will remain committed to output cut deal and the skepticism about the effectiveness of output freeze.
Oil prices change differently on doubts about cut effectiveness

Baku, Azerbaijan, Jan.17

By Leman Zeynalova – Trend:

World oil prices are changing differently on Jan.17 against the background of Saudi Arabia saying it will remain committed to output cut deal and the skepticism about the effectiveness of output freeze.

The price of March futures for Brent crude oil has dropped by 0.38 percent to $55.65 per barrel as of 02:09 EST, Jan.17. At the same time, the price of February futures for West Texas Intermediate (WTI) oil rose by 0.06 percent and stood at $52.40 per barrel.

Earlier, Saudi Energy Minister Khalid Al Falih said that OPEC and non-OPEC countries are implementing the agreement on the output cut.

Nevertheless, some analysts believe that the production cut is doomed to failure due to the decrease in demand for oil after the price increase.

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Follow the author on Twitter: @Lyaman_Zeyn

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