The price of Brent crude oil fell below $ 49 per barrel. This is evidenced by the Intercontinental exchange ICE. In recent times quotes Brent fell below $ 49 per barrel on September 27 this year.
October 31, as at 18:00 Moscow time the cost of the December futures for North sea Brent blend made up of 48.37 per barrel, which is 2.77% below the closing level of the previous trading session.
Quotes fuel falling after the technical meeting of representatives of OPEC in Vienna on 28 October, the final decision on the oil quota was not produced.
A day earlier, Russia has notified the Gulf countries, OPEC, that will not cut oil production. Moscow said it was willing to freeze production at current levels.
In late September, OPEC agreed to freeze oil prices. Cartel members set the production ceiling at the level of 32.5 million barrels a day. The final agreement should be signed at the meeting in November.