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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