Oil price falls: what is the cost of Brent and WTI

Нефть снова падает в цене: какая стоимость Brent и WTI

The price of Brent crude oil during the bidding fell to 43,55 USD per barrel.

Futures on Brent crude oil with delivery in September on Thursday morning during the auction fell in price to 43,55 USD per barrel.

According to the publication Bloomberg, as of 8:02, the cost of the futures on Brent oil fell by 0.55%.

The price of the August futures on WTI fell to of 40.90 per barrel, losing 0.73 per cent.

The world oil market March 9, survived “black Monday” — the largest sharp drop in prices since 1991 when the war in the Persian Gulf. 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.

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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 predicted oil prices at 40 dollars per barrel in the second half of the year.