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Oil prices fall on the eve of summit in Doha

The price of oil fell 12% below the maximum mark

Baku. 5 April. REPORT.AZ/ Oil prices show a drop after the statements of Saudi Arabia on the eve of the summit in Doha. 

Report informs, investors began to express doubt about the positive outcome of the meeting in Doha.Thus, Saudi Arabia announced that it is ready to freeze oil production only when Iran will agree on relevant measures.

Following the statements, Brent crude began to fall after the long-term growth since January by 57%.Today, oil is traded at 11.75% or $ 5 cheaper than a peak level of March 18.At the same time, the current price is above the minimum level of 38.5%.

Analytical Group of Report notes that, if the current situation in the oil market will continue, prices will continue to fall and reach the first 36 USD, and then 30 USD a barrel. The rise in prices is possible against the background of problems with the production and supply of oil in any of the producing countries, or a sharp reduction in oil reserves in the United States. In this case, oil prices projected to increase up to 50 USD / barrel.

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