World oil prices fall

World oil prices are decreasing on Jan.6 due to the continuing doubts that all producers will meet the targeted cuts.

The price of March futures for Brent crude oil has dropped by 0.32 percent and stood at $56.71 per barrel as of 01:45 EST. The price of February futures for West Texas Intermediate (WTI) oil has decreased by 0.28 percent to $53.61 per barrel.

Oil prices rose on Jan.5 after Saudi Arabia and the United Arab Emirates (UAE) announced about oil supply cuts in line with the OPEC deal.

However, although Iraq said that it has started to reduce the oil production from its fields from the beginning of 2017, consultancy Energy Aspects said in its 2017 oil market outlook that this country may not stick to the agreed deal.