Futures on Brent crude oil with delivery in September on Friday morning during the auction fell in price to 42.71 USD per barrel, reports Bloomberg.
According to the newspaper as of 8:02, the price of futures for Brent crude oil decreased by 1.00%.
The price of the August futures on WTI fell to 40,24 per barrel, losing 1.01 per cent.
As reported, the world oil market March 9, survived “black Monday” — the largest sharp drop in prices since 1991 when the war in the Persian Gulf.
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After that, the oil market has been a number of collapses of prices on the background of the situation with coronavirus and restrictions due to pandemic in the largest economies of the world, leaving a market overwhelmed by a sharp decrease in demand and an excessive oversupply of crude oil.
April 12 member countries of OPEC+, including Russia, agreed to cut oil production in a pandemic. The ultimate decline in production would be 9.7 million barrels per day, the agreement entered into force in may.
OPEC predicts oil prices at 40 dollars per barrel in the second half of the year.
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my email@example.com 1-800-268-7128