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World oil prices declined, on data on GDP decline in Japan

Oil prices decline on Monday after a sharp jump on the results of trading on Friday, the main negative factor for the market are data on GDP decline in Japan for the second quarter in a row, the agency said. Bloomberg.

January futures for Brent crude on the London stock exchange ICE Futures to 14: 28 Moscow time on Monday fell by $ 0,74 (0,93%) - to $ 78,67 per barrel. Since the peak in July, the contract fell in price by 32%. The price of WTI futures for December in electronic trading on the New York Mercantile Exchange (NYMEX) fell to the specified time by $ 0,52 (0,69%) - to $ 75,3 per barrel.

The Japanese economy in the third quarter declined by 1,6% in annual terms, after falling to 7,3% in the second quarter. The decline in GDP for two consecutive quarters is a technical definition of the recession. Analysts polled by Bloomberg, on average, forecast GDP growth in July-September at 2,2%.

In addition, the attention of the market is still directed to the OPEC states, whose representatives in recent days have intensified negotiations ahead of the November 27 meeting. Experts note that a sharp drop in quotas for oil production, which can normalize the balance of supply and demand and stabilize prices, seems unlikely.

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