The prices of the oil is getting stronger.
WTI oil now costs 6% and closer to 48 dollars per barrel, while the Brent strengthened by 6.6% and traded for 50.4 per barrel.

The price of the oil is now falling by 3.9% to a price level of 45.2 dollars per barrel, at the background to what looked like a break-up of the summit attempt to decide tomorrow on OPEC output reduction.
Iran’s oil minister announced that his country doesn’t intend to sign a pledge to reduce the output and that the intention is only to leave the production levels as they were at OPEC meeting in September.

The markets anxiously waiting to see whether the largest oil exporters in the world and will form tomorrow at the summit of OPEC an agreement that will lead to the reduction of output and stabilizing prices of black gold.
The oil is trading right now with volatility and the market analysts are warning that without a formal agreement to reduce the output, the oil prices could fall below the level of $ 40 a barrel and $ 30 a barrel in the near term.

The oil continue to draw interest as the major oil exporters are expected to meet on Wednesday to decide whether to formulate an agreement on reducing output.
If they would fail to form such an agreement is estimated that the market price of the black gold may climb to a price level of 60 dollar per barrel within a few months.

The price of oil continues to rise for the third day in a row due to expectations OPEC countries’ agreement to curb the oil output.
The WTI oil rising by 1.1% to a price level of 48.78 dollars per barrel.

Commodity market:

There is a rise in the oil prices, after reports that Iraq would offer the countries of OPEC (Organization of Petroleum Exporting Countries) agreement to cut or freeze an oil output.
TWI oil is rising by 1.5% to a price level of 46.4 dollar per barrel.
The Brent oil rising by 1.4% to a price level of 47.5 dollar per barrel.