Crude oil prices on the New York Stock Exchange are declining in response to the overwhelming stance of the US Federal Reserve to raise interest rates. This led to the strengthening of the dollar, so that raw materials in other currencies will be more expensive.
In addition, for the first time in eight years, OPEC reached an agreement to reduce the production of raw materials. The daily production limit should be limited to 32.5 million barrels, which is almost 750 thousand barrels less than in August. During a meeting in November, oil producers will have to approve this decision.
“The dollar's strength is affecting oil prices, and the market remains cautious for now until the official OPEC meeting,” said Rick Spooner, chief market analyst for CMC Sydney Markets.
Oil prices in the US are falling amid expectations of the Fed and OPEC
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Azovpromstal® 20 November 2016 г. 12:29 |
