Brent Crude Drops Below $50 After Russian Comments, Sliding Demand Forecast

For the first time since mid-March, Brent Crude prices tumbled below $50 after Russia said no decision had been made yet on extending the oil output cut production deal. This came after the 11th weekly rise in US crude production and concerns from JBC that oil demand is declining rapidly.

Russia Says No Decision Yet on Extending Oil Output Cut W/ OPEC - Russia will make announcement if decision is taken, Kremlin spokesman Dmitry Peskov tells reporters on conference call.

US Crude production rose once again to August 2015 highs...

 

And demand forecasts are tumbling:

 

Andf the result... Brent back below $50...

A further decline to below $49.71/bbl would take Brent to lowest since Nov. 30, day of OPEC meeting where group decided on production cuts strategy. For WTI, a drop to below $47.01/bbl would take commodity to lowest since same date.

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