Open source
Oil quotes in the world market fell yesterday, July 16, during the talks in Helsinki, between American President Donald Trump and Russian President Vladimir Putin.
In the morning of July 17, the price remains at $ 72 per barrel of Brent. Quotes are at the same levels as they were fixed three months ago – in late April and early May.
After that, the price increased to more than $ 79 per barrel. Investors explained price drop with at least three reasons. Although objective data testify, in particular, to the fall in US stocks of raw materials, Radio Liberty reported.
The first reason is the expectation of production growth within the Organization of Petroleum Exporting Countries (OPEC) – after the last OPEC summit in Vienna.
The second reason is the possibility of increasing production in Russia after Saudi Arabia increased production by 460 thousand barrels per day.
The third reason is the possibility of using by Trump’s Administration the strategic oil reserves to stop the rise in gasoline prices before the autumn midterm elections in the US.
As «The Journalist» reported, Putin assured Trump that he would keep gas transit through Ukraine.
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