The price of US benchmark Light Sweet crude oil shows a decline on a background of fixation of long positions after a strong growth in August caused by speculation on a possible consensus among a number of major oil producers including OPEC countries, Russia and others. An informal meeting on the issue is expected to be held on an international energy conference on September 26-28 in Algeria. The probability of a consensus according to our estimates is low, which, together with an increase in drilling activity in the US and increased production in the Persian Gulf countries will put pressure on the price. Our medium-term outlook remains negative with potential objectives 36-40 dollars per barrel.
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