REUTERS
World oil prices are slightly recovering on Tuesday, having previously fallen more than 5% against the backdrop of OPEC's decision to maintain the existing oil quotas, Prime has reported with reference to the trade data.
As of 7:25 Moscow time, January futures for North Sea Brent Blend rose 0.54% to $40.95 per barrel after dropping below $41 a barrel on Monday, for the first time in almost seven years. The price of January futures for WTI crude oil rose by 0.28%, to $37.76 per barrel, according to the report.
OPEC said last Friday that it would maintain production at around current levels of 31.5 million barrel per day. OPEC's official quota has stood at 30 million barrels a day since 2011 but the oil cartel regularly exceeds it.
Read alsoRussian ruble hits new minimum amid collapse in oil pricesIn addition, investors are expecting a December rate hike by the U.S. Federal Reserve. Expectations for the rate to rise this year are pushing the U.S. currency up, which has an adverse effect on the dynamics of commodity prices.
Oil prices since summer of 2014 have tumbled over 50%. The price that was hovering around $115 per barrel is now below $50.
The collapse in oil prices last year firmed the OPEC's decision in November to maintain its production quotas. This year, oil quotes have not risen above $67, remaining at the average level of $55. In the period from August to November, the average oil price was lower $48 per barrel. Most oil price forecasts in 2016 remain pessimistic.