At international trading, on Tuesday, January 17, the oil prices demonstrated negative dynamics due to remaining investors’ doubts in the efficiency of Global Oil Pact, despite the readiness of Saudi Arabia to strictly observe its terms, Finance.ua reports.

Thus, at the morning trading, the Brent oil futures dropped by 0.52 percent – up to $55.57 per barrel.

WTI futures were traded at $52.30, by 0.13 percent less than during the previous closure.

According to traders, the dogged determination of OPEC’s Leader Saudi Arabia to observe Global Oil Pact terms is on the side of oil.

In early December, the members of the Organization of Petroleum Exporting Countries (OPEC) agreed to decrease production by 1.2 million barrels per day up to 32.5 million barrels per day for redressing global market balance and price fixing for raw materials. Large non-OPEC oil producers, including Russia, joined the agreement, which officially entered into force on January 1. Nevertheless, the traders continue doubting in OPEC readiness to fully observe the agreement on cutting oil output.

Moreover, the analysts consider that the decision to fix oil prices through oil output reduction can affect demand in raw materials.

“Each time, when oil prices increase by $10 for barrel, the demand in raw materials will decrease by 10 base points. The consensus forecast suggests the demand growth by 1.3 million barrels per day in 2017 (versus 1.4 million barrels per day in 2016), but we see risks of the downward dynamics, as the demand growth becomes moderate in China and India”, the analysts of AB Bernstein consider.