The oil price has drop in next session

Despite the recent deal by OPEC, which seeks to reduce oil production for recovery of commodity, oil futures contracts closed in strong fall by the second session followed, on Tuesday 10 January. Being this the worst closing in a month.

For February, WTI crude oil traded on the New York Mercantile Exchange (Nymex) closed at a low of $1.14 ( -2.19%), to $50.82 a barrel, while the Intercontinental Exchange (ICE), in London, Brent crude for March dropped $1.30 ( -2.37%), $53.64 a barrel.

Recent data shown in the report in the Wall Street Journal, reported that Libya, a country freed from the OPEC agreement, more than tripled the export of oil in the last six months, while exports in Iran and Iraq had a large increase. What has left traders worried and may have caused the fall in the value of the barrel.


8 thoughts on “The oil price has drop in next session

Leave a Reply