NEW YORK, NOV 1: Crude oil prices fell significantly on the morning of November 1, and hit a one-month low due to concerns on OPEC’s ability to implement the reduction plan in production. Meanwhile, global stock price is less stable due to the current sentiment.
International news agency, Reuters reported that crude oil prices fell more than 3% due to doubts regarding the ability of implementing the proposed reduction in OPEC production.
OPEC, which is expected to show the highest production record in October, also influenced the market.
“The market is a bit slow,” said Kyle Cooper, analyst at ION Energy in Houston.
“Unless OPEC can convince their members and other oil and gas players to participate in efforts to reduce production, the market will remain sceptical.
“Brent fell US$ 1.41 or 2.84% this morning, at US$ 48.30 per barrel; while US crude oil decreased US$ 1.84 or 3.78%, at US$ 46.86. Lower oil prices affectted energy related stocks on Wall Street and the European stock exchange.
World oil prices fall significantly
