The world oil prices are decreasing on Dec.7 against the backdrop of investors’ doubts that whether OPEC and non-OPEC countries will support the deals to cut the oil output, according to the trading data.
The price of February futures for Brent crude oil dropped by 0.20 percent as of 01:09 EST and stood at $53.82 per barrel. This is while the price of January futures for West Texas Intermediate (WTI) oil decreased by 0.31 percent to $50.77 per barrel.
The price of Brent crude oil exceeded $55 per barrel Dec.5, which is the highest level since July 24, 2015. The price for WTI oil rose to $52.42 per barrel, the highest price since July 15, 2015.