Oil prices dropped on the oil minister of Venezuela statements
Oil prices have fallen. Investors are taking profits after growth of oil prices on Monday on hopes of an agreement between the world's major manufacturers.
By noon, Moscow time, WTI crude oil fell by 0.5% to $ 43.70 per barrel, while Brent oil fell in price to $ 45.80.
Investors fear that even in the case of an agreement to freeze the production volumes, the market will be oversaturated.
Venezuelan Oil Minister Eulogio del Pino said that global supplies will have to reduce by approximately 10% to achieve a balance of supply and demand.
Major oil producers hold informal talks on the supply situation at the end of this month in Algeria.
The American Petroleum Institute (API) will publish weekly data on hydrocarbon reserves at the end of the day, and tomorrow will be known to the official statistics from the Energy Information Administration (EIA).
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