Brent oil fell below $ 25 per barrel

US, WASHINGTON (ORDO NEWS) — World oil quotes have accelerated the pace of decline, according to trading data.

As of 11:40, the price of June futures for the North Sea mixture of the Brent brand fell by 5.69%, to $ 24.85 per barrel, of the WTI brand – by 1.42%, to $ 20.19 per barrel.

The situation with exchange rates and oil prices

The main factor influencing the global economy and falling oil demand remains the coronavirus pandemic : most countries have quarantined, closed their borders and limited the movement of their citizens.

In addition, the collapse of oil quotes and exchange rates occurred against the backdrop of news that participants in the Organization of Petroleum Exporting Countries did not extend their oil production agreements: Moscow wanted to maintain the existing conditions, and Riyadh wanted to further reduce production. As a result, from April 1, the OPEC + deal will cease to exist and there will no longer be restrictions on the alliance members.

Since the beginning of the year, prices have more than halved. On the morning of March 30, for the first time since November 2002 , the price of Brent crude oil dropped below $ 23 per barrel.

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The article is written and prepared by our foreign editors from different countries around the world – material edited and published by Ordo News staff in our US newsroom press.