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Oil falls on concerns OPEC output will be affected by an Arab diplomat
economy Since 2017-06-06 at 12:53 (Baghdad time)
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Oil prices fell to continue below $ 50 a barrel on Tuesday on fears that a diplomatic spat between Qatar and Arab countries including Saudi Arabia could undermine OPEC's efforts to restore stability to the market.
Brent crude fell 15 cents to $ 49.32 a barrel by 0755 GMT, with the drop since May 25 to a tenth of a percent.
On May 25, OPEC and independent producers extended a policy of cutting oil production until the end of the first quarter of next year.
US light crude fell 15 cents to $ 47.25 a barrel.
Leading Arab states, including the United Arab Emirates, Saudi Arabia and Egypt, cut ties with Qatar on Monday and accused it of supporting "terrorism".
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economy Since 2017-06-06 at 12:53 (Baghdad time)
Follow Mawazine News
Oil prices fell to continue below $ 50 a barrel on Tuesday on fears that a diplomatic spat between Qatar and Arab countries including Saudi Arabia could undermine OPEC's efforts to restore stability to the market.
Brent crude fell 15 cents to $ 49.32 a barrel by 0755 GMT, with the drop since May 25 to a tenth of a percent.
On May 25, OPEC and independent producers extended a policy of cutting oil production until the end of the first quarter of next year.
US light crude fell 15 cents to $ 47.25 a barrel.
Leading Arab states, including the United Arab Emirates, Saudi Arabia and Egypt, cut ties with Qatar on Monday and accused it of supporting "terrorism".
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