Oil prices down on Tuesday

International benchmarks for oil prices moved lower on Tuesday (27 September) as traders doubt OPEC’s ability to conclude any deal out of the informal meeting held during 26-28 September 2016. In fact, Saudi Energy Minister already told media that he did not expect an agreement to be formed during the last day of the meeting and he also think it is not necessary to significantly adjust the production rate.

WTI closed at $44.67/barrel (-$1.26) for November delivery

Brent closed at $45.97/barrel (-$1.38) for November delivery.