Oil Prices Have Fallen by 8%
On the London ICE, the cost of a barrel of Brent fell to $ 25.18 (a decrease of 7.14%) at 01:26 Moscow time, and WTI fell to $ 20.9 (minus 8.27%). After a few hours, oil quotes showed growth. By 04:19, according to ICE, the price of Brent increased to $ 26.27, and WTI - up to $ 22.81.
Last week, the price of Brent fell below $ 26 for the first time since 2003. At the minimum by the end of the day, the value of May futures fell to $ 24.72, the price fell by more than 9% compared with the figures at the time of the close of previous trading. The very next day, exchanges opened with an increase in oil prices by 6%: Brent was trading at $ 26.42 a barrel, while WTI was worth $ 24.72.
A serious collapse in oil prices began after the collapse of the OPEC+ deal, in which Russia also participated. Saudi Arabia then proposed an additional (1.5 million barrels per day) reduction of fuel production due to coronavirus.