OPEC blamed speculators for falling oil prices
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Oil prices have been declining in recent weeks, mainly due to speculators in the financial market. They sharply reduced their long positions in oil futures and options in October 2023 compared to the end of September. This is stated in the monthly report of the Organization of Petroleum Exporting Countries (OPEC), published on November 13.
Oil prices fell from mid-October until November 8th. During this time, a barrel of Brent lost 12.6%, WTI – 14.8%, prices for these grades dropped to $79.5/barrel. and $75.3/bbl. respectively.
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