OREANDA-NEWSThe cost of Russian Urals oil in North-Western Europe continued to decline and on April 1 fell to its lowest level since March 1999 - $ 10.54 per barrel. This is stated in the report of the agency Argus Media.

The discount on Urals remains the same - $ 4.75 per barrel. This is the maximum value of the discount since June 2008, the agency notes. According to Argus, ICE's Brent futures began to rise after statements by US President Donald Trump that Russia and Saudi Arabia could soon agree on market-regulating measures.

The price formulas for Russian Urals oil in the domestic market continue to remain in the negative zone, the report said. Thus, transportation costs, payment of export duties and other expenses exceed the average cost of Urals oil.

On April 2, the cost of futures for Brent crude oil for delivery in June 2020 on the ICE exchange in London increased by 11.6% to $ 27.62 per barrel. At the same time, at the peak of growth, the price of oil of this grade reached $ 27.88 per barrel. The cost of the WTI brand increased by 10% to $ 22.32 per barrel.