Oil prices fall 2% due to doubts about the meeting of producers and the rise of the dollar[/ltr]
[ltr][rtl]History[/rtl] of [rtl]edits:: 2016/4/13 12:16 • 37 visits readable[/rtl][/ltr]
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Oil prices fell two percent in futures contracts on Wednesday due to fears of a failure of the oil producers meeting on Sunday to put an end to increase production at a time when fuel markets affected by the rising dollar.
By 0716 GMT, the International benchmark Brent crude shed 78 cents to $ 43.90 a barrel, or about 1.7 percent, after recording the highest in four months in the previous session when it closed up by $ 1.86, or about 4.3 percent.
US crude fell 83 cents, or about 1.97 percent to $ 41.34 a barrel, after increasing to $ 1.81, equivalent to 4.48 percent the previous day.
Prices also came under pressure from the rise in the US dollar as the greenback makes commodities denominated them more expensive for holders of other currencies.
Traders said the market also came under pressure from Saudi Arabian Oil Minister Ali al-Naimi's remarks published in Al-Hayat newspaper on Wednesday that which he affirmed reiterated his country's position, which excludes production cut which is demanded by some producers. Iranian reporter also said that his country would send a representative of the government and not the oil minister to attend the meeting which will be held in the Qatari capital Doha.
Al-Naimi said in response to a question about any possibility of production cuts, "Lance this matter."
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