The price of WTI crude oil is now trading at $ 20.6, Brent with delivery in May – at $ 23.39.
The price of WTI crude oil fell below $ 20 per barrel for the first time since 2002. This is evidenced by trading data.
At night, a barrel of WTI oil was trading at $ 19.98, now $ 20.6.
According to trading on the London ICE, the price of Brent barrel oil for May delivery fell to $ 23.39. June futures are trading at $ 26.73.
The fall in oil prices has continued since early March. The main reason was that Russia and the Organization of Petroleum Exporting Countries could not agree on new restrictions on the level of oil production. By March 9, the price of Brent oil fell by 30% to $ 33 per barrel, which was the maximum daily drop since 1991, when the Gulf War began. On the evening of March 18, the price of Brent oil fell to a 17-year low of $ 25.4 per barrel.
Amid unsuccessful negotiations, Saudi Arabia, according to Bloomberg sources, decided to “enter into a total price war” and increase production from 9 million to 12 million barrels per day. This, according to analysts polled by the agency, “will lead to chaos in the oil market.”