The cost of oil brand WTI fell below $20 per barrel for the first time since 2002.
May futures price for WTI as of 1:40 Kyiv time, fell 8.52% to $19,98 per barrel, writes “RIA Novosti”. At 7:23 am the price of a barrel of WTI was $of 20.55 (minus 4.46 percent).
By 4.26% has dropped in price and June futures for Brent crude oil. Now the cost is $to 26.76 per barrel.
On March 26, the price of oil Brent has exceeded the threshold of $30 for the first time since March 20. Price of the may futures of this brand of oil reached a then $30,05 per barrel. At the same time WTI was trading at $24,55 per barrel.
March 13, Finance Minister Anton Siluanov said that Russia will be able to Fund in full the expenses of the budget, without reducing them by about six years, at an oil price of $30 per barrel.
The collapse in oil prices occurred on March 9, after it became known about the termination of the transaction OPEC+, suggesting the reduction of oil production involved in the agreement countries.
After that, Saudi Arabia announced plans to increase production to 12 million barrels per day and bring to market stocks. In the end, the price of carbon fell to a record 30%.