Oil prices were down in Asia, makin Friday, after the OPEC cartel indicated it will maintain the level of peak production now, while a stronger dollar also led to a decrease in pressure.
The price of benchmark U.S. crude oil, West Texas Intermediate for September delivery was down 32 cents to $ 48,20 and Brent crude for September was down 24 cents to $ 53,07 a barrel in afternoon trade.
The second contract was plummeting Thursday, which closed the two-day consecutive rise. OPEC Secretary-General Abdullah El-Badri said, OPEC will not reduce its production with the fall in the price.
Speaking in Moscow after meeting with Russia's Energy Minister, Thursday, he said, the cartel was "not ready" to reduce production, which now range up to 30 million barrels per day.
Analysts said, the statement pointed out that OPEC was determined to defend its market share while facing competition from U.S. shale oil.
In his last meeting in Vienna, June, OPEC maintains production levels despite the excess supply, which itself depresses prices. https://www.mql5.com/en/signals/120434#!tab=history
