Oil had biggest drop since November
Despite the reduction of 930,000 barrels of oil in the week ended on April 28, the day that proportional more breathe to producers and investors. The price of "black gold" extended losses this week amid growing fears of a global supply glut.
The contract due to June WTI oil had 2% reduction, being traded to $ $46.84 a barrel. While in London, on ICE Futures Exchange (ICE Futures Exchange) Brent contracts due for July lost $ $1.01, and the barrel was trading at $ $49.78.
Since last November that oil prices won't hit such low levels. The incessant increases in the production of the United States have overshadowed the cuts agreed between the members of Opec and producer countries such as Russia. American exploration reached the highest count since August 2015.
Apparently, the issue of the reduction in the reserves is far from over. However, on 25 may, the oil cartel along with other countries must come together again to take the final decision on the extension for another six months of the reduction in oil production for recovery of the commodity.
Meanwhile, we continue watching and reporting on the ups and downs in the price of oil, at a time when we wait for positive news for the worldwide market offshore.
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