In a world of cheaper oil

World oil prices drop, investors remain concerned about the overabundance of raw materials on the market after the news about the growth in OPEC production.

On the morning of 3 October, the price of December futures for North sea petroleum mix of mark Brent has fallen to 55,91 dollars per barrel, the price of November futures for WTI – to 50.46 per barrel.

The dollar index grew by 0.22% to 93,84 points. In the course of trading on Monday, oil both brands became cheaper by 2-3%.

Reuters survey: OPEC oil production for September grew by 50 thousand barrels per day amid rising Iraqi exports and increasing production in Libya, not included in the OPEC agreement+ on the reduction of oil production. The level of compliance of the transaction OPEC+ in September decreased to 86% from 89% in August, the study showed.

According to analysts, oil production in September increased by 120 thousand barrels per day compared with August to 32.83 million barrels a day, and the level of compliance of the transaction OPEC+ decreased to 82% from 88%.

As reported, during the two years of the terrorist organization “Islamic state” have reduced their income from the sale of oil by 90%. Previously, revenue from oil accounted for half of the income of terrorists, the other half of IG provided by looting.