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Decline in world oil prices influenced by isolating Qatar
06/06/2017
Saudi Arabia and the decisions reflected a number of Gulf states to cut off diplomatic relations with the State of Qatar on the world oil prices, where prices have been falling by an estimated 1%, influenced by decisions that might hamper oil production to reduce global agreement.
The news prompted early Brent prices rise by up to 1.6% with the spread of political concerns in the market. But the global Brent crude contracts to the nearest quickly reversed its gains and ended the session low 48 cents, or 0.96% at $ 49.47 a barrel, according to Rotarz maturity.
Qatar produces about 600 thousand barrels per day of crude oil comes from the ranks of smaller producers in OPEC, but tensions with the organization could weaken reduced supplies, which aims to support the price agreement.
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