In the economy July 22, 2017
LONDON (Reuters) - Oil prices closed lower on Saturday amid doubts that producers could cut output, with concern over the number of drilling platforms in the United States, affecting OPEC producers' efforts to rebalance the oil market.
Brent crude for September delivery closed down $ 1.42, or 2.88 percent, to $ 47.88. US crude futures for September delivery fell $ 1.30, or 2.77 percent, to $ 45.62.
Despite gains this week, oil has fallen more than 10 percent since the start of the year, as doubts about producers' ability to cut global supply raised investor fears and prompted them to sell black gold.
A ministerial committee representing the Organization of the Petroleum Exporting Countries (OPEC), as well as non-members of the Organization of Petroleum Exporting Countries Kuwait on Monday, to discuss the extent to which these countries to agree to reduce production.
The Organization of the Petroleum Exporting Countries (OPEC) has approved an agreement, in cooperation with a number of the largest oil-producing countries outside the organization, led by Russia, which is currently the world's largest oil producer, in November last year, aims to reduce production by 1.8 million barrels per day for the first six months of this year, and ended on June 30, but this agreement has failed to affect so far on Global inventory levels.
There is still concern that the continued recovery of oil shale oil production in the United States is hampering efforts by major producers aimed at rebalancing the markets. Concerns about rising US production have confirmed that the number of drilling platforms in the United States continues to rise in recent months, reaching a level not seen in more than two years.