WTI Oil Price Drops To $ 20 Per Barrel For The First Time Since 2002
The cost of WTI has not reached this mark since February 2002. A year earlier, OPEC and a number of countries, including Russia, agreed to reduce oil production by 1.5 million barrels per day. The six-month limitation came into force on January 1, 2020. After that, the oil price went up, and already in September reached $ 30. At current trading, the price of Brent also fell by 3%, to $ 23.7 per barrel. On Investing.com as of 04:15, its price was $ 26.83.
Since the beginning of the year, the cost of WTI has fallen by 60%, and Brent - by almost 30%. The reason for this was the collapse of the OPEC+ deal, in which Saudi Arabia proposed to further reduce oil production by 1.5 barrels per day to support the economy in connection with the coronavirus pandemic.