REUTERS
Oil prices are falling and the price of Brent crude oil could finish the week in negative territory for the third consecutive week after Kuwait's Oil Minister reported on OPEC production, according to Reuters.
According to the report, April futures contracts for Brent crude during trading on London's ICE Futures Exchange as of Friday’s morning had fallen by $0.26, to $54.17 per barrel, while the April futures price for WTI crude oil on the New York Mercantile Exchange dropped by $0.52, to $43.44 per barrel.
Kuwait's Oil Minister Ali Al-Omair said on Thursday that while he was concerned about the influence of cheap oil on the budget of the country, OPEC had to maintain production in order not to lose its share of the world market.
"It seems that OPEC is doing nothing to reduce production, so it is difficult to predict where the lower limit of the price is," said Ben Le Brun, a market analyst with optionsXpress in Australia.
As reported earlier, in March Iraq increased oil exports from southern ports due to improved weather.
At the moment the volume of deliveries is close to record levels.