30.03.2020, 07:50
WTI Oil Price Drops To $ 20 Per Barrel For The First Time Since 2002
Source: OREANDA-NEWS
OREANDA-NEWS. The price of May futures for the West Texas Intermediate (WTI) oil brand fell by 3%, according to the London ICE. As of 03:31 Moscow time, a barrel of WTI is trading at $ 20.8. At a minimum during trading on the London Stock Exchange, its price reached $ 20.06. According to Investing.com at 04:10 Moscow time, the price of a barrel of WTI reached $ 20.52.
The cost of WTI has not reached this mark since February 2002. A year earlier, OPEC and a number of countries, including Russia, agreed to reduce oil production by 1.5 million barrels per day. The six-month limitation came into force on January 1, 2020. After that, the oil price went up, and already in September reached $ 30. At current trading, the price of Brent also fell by 3%, to $ 23.7 per barrel. On Investing.com as of 04:15, its price was $ 26.83.
Since the beginning of the year, the cost of WTI has fallen by 60%, and Brent - by almost 30%. The reason for this was the collapse of the OPEC+ deal, in which Saudi Arabia proposed to further reduce oil production by 1.5 barrels per day to support the economy in connection with the coronavirus pandemic.
The cost of WTI has not reached this mark since February 2002. A year earlier, OPEC and a number of countries, including Russia, agreed to reduce oil production by 1.5 million barrels per day. The six-month limitation came into force on January 1, 2020. After that, the oil price went up, and already in September reached $ 30. At current trading, the price of Brent also fell by 3%, to $ 23.7 per barrel. On Investing.com as of 04:15, its price was $ 26.83.
Since the beginning of the year, the cost of WTI has fallen by 60%, and Brent - by almost 30%. The reason for this was the collapse of the OPEC+ deal, in which Saudi Arabia proposed to further reduce oil production by 1.5 barrels per day to support the economy in connection with the coronavirus pandemic.
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