Brent Oil Price Dropped below 35 Dollars
OREANDA-NEWS. The cost of the July futures for Brent crude oil on the London Intercontinental Exchange fell by 3.75 %, to 34.69 US dollars per barrel as of 06:23 UTC. The minimum cost of the July futures for Brent during the trading session was 33.53 dollars.
Futures for WTI crude oil for July delivery fell by 5.45 %, to 32.07 dollars per barrel.Interfax news agency reports that price drop may be explained with the fact that China, which is one of the largest consumers of oil, will not set a target for growth of gross domestic product (GDP) this year. This is the first time since 1994, when the country began to set a target for GDP growth. This decision was made because of the consequences of the coronavirus epidemic on the country’s economy, Premier of the State Council of the People’s Republic of China, Li Keqiang said at the opening of the All-China Assembly of People’s Representatives.