“Based on the results of the latest OPEC + meetings, oil production quotas were increased ... Naturally, the anticipation of an increase in supply influenced the decline in prices.
This, of course, is not a catastrophic decline, rather it looks like not a decline, but a correction, ”the expert explained.
He added that the decision to increase quotas was made in line with forecasts, according to which there is a recovery in the economies of the countries of the world.
“Moreover, China is moving forward, and America and Europe are slowly beginning to revive, and other countries too, that is, consumption is growing.
This is not the creation of new conditions for the market, but rather the corrective actions, the market movements that we see now.
It is difficult to say that this is a long-term trend, "the interlocutor of RT concluded.
Earlier it was reported that world oil prices in the course of trading decreased by more than 3%.
September futures for WTI crude oil decreased by 3.66% to $ 71.24 per barrel.
Futures for Brent crude for October delivery fell 3.26% to $ 72.95 a barrel.