Oil prices fell, and Brent below $ 49 a barrel

Dubai – (Masaader News)

Oil prices fell Monday, and Brent crude fell to $ 49 a barrel.

Brent crude futures fell 0.33% to $ 48.94 a barrel, while the price of Nymex fell to $ 46.11 a barrel by 0.24%.

Saudi Energy Minister Khalid Al-Falih expected, During his participation in a conference in the Malaysian capital Kuala Lumpur, to extend an OPEC-led agreement to reduce  production in the first half of the year to 2017 in full.

OPEC is due to meet formally this month, and is expected to take the decision to extend the agreement to reduce production levels until the end of this year, according to Saudi Energy Minister.

Last week, oil prices suffered a 5.5% loss for the third week in a row, with rising fears of continued US rock oil production.

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