The Price of Brent Oil on ICE Exchange in London Drops after Rising Day before
The decrease occurs after the price increase during the previous day: the maximum growth on March 19 exceeded 15%, the cost of a barrel reached $ 28.3. At the close of previous auctions, Brent was worth $ 28.47 per barrel, at the opening of current ones - $ 28.10. The price of WTI crude oil as of 05:10 Moscow time is growing by 1.47% - up to $ 26.29 per barrel.
At the talks on March 6, the OPEC+ ministers were unable to agree on further parameters of the deal to reduce oil production. OPEC proposed to further reduce production by 1.5 million barrels per day until the end of this year, but Russia didn't agree to this. From April, all production restrictions will be lifted.
Brent crude oil, which cost about $ 50 a barrel at the beginning of the month, doubled in price in a couple of weeks: its price fell below $ 25 on Wednesday, the lowest since 2003. Following the fall of the Russian currency: the dollar exchange rate at the auction exceeded 81 rubles, and the euro was approaching the mark of 90.