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Oil Plunges Below $50 as Putin Says Current Price Levels “Fine” by www.expertcommodity.com
© Reuters.
Oil prices underwent a sharp selloff on Thursday with U.S. crude plummeting below $50 for the first time in more than a year as Russian President Vladmir Putin indicated that he is comfortable with current prices, casting doubt on OPEC’s ability to move ahead with significant production cuts.
New York-traded West Texas Intermediate crude futures fell 47 cents, or 0.93%, at $49.82 a barrel. That was its lowest level since Oct. 9, 2017.
Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., traded down 74 cents, or 1.25%, to $58.35, after hitting its lowest level since Oct. 24, 2017.
Putin reportedly said that prices of around $60 per barrel were “absolutely fine” as the Russian budget would be balanced at $40.
Saudi Arabia has been pushing OPEC and its non-OPEC allies led by Russia to agree to reduce production given the more than 30% decline in prices since last October.





Analysts believe that the group will announce a reduction of 1.1 million barrels per day when they meet in Vienna on Dec. 6-7.
With the U.S. and Saudi Arabia producing at record levels and rising inventories in the U.S., investors have been concerned that OPEC will be unable to counteract increasing supply.

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