Prices of oil dropped today. The reason is trade war. Connected with it phase one (raising of tariffs) which will act in 15 of December 2019. Trade war slowing the outlook of economic growth of the world which has the biggest impact on the cyclical commodity- oil.
OPEC cut output by 0,5 million barrels to 1,7 million barrels per day. Euphoria on this market wasn’ t as long as everybody expect. Since the start of 2017, when OPEC and its allies began capping supply, U.S. crude production has soared from about 8.8 million bpd to a record 13 million bpd recently and is expected to rise further in 2020. The reason of raising is Amerika which wants bigger piece of oil market stake.
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