Oil prices continue to decline

US, WASHINGTON (ORDO NEWS) — Oil prices are down during trading on Monday.

“We expect prices to continue to fluctuate until the price equilibrium is reached and production growth is stopped,” says Rystad Energy analyst Louise Dixon. jet fuel, gasoline, marine fuel, petroleum products and oil used for power generation.”

Meanwhile, OPEC Secretary General Mohammed Barkindo and Commissioner of the regulatory body responsible for developing oil fields in Texas’ largest oil producing state, Ryan Sitton, discussed world oil demand and supply. Sitton said that Barkindo invited him to attend the next OPEC meeting.

Earlier, WSJ announced this meeting as an attempt by American shale oil producers to open a dialogue with OPEC, which could help establish a truce between the three largest world oil producers and potentially resolve the Saudi-Russian price war that has devastated oil markets in recent weeks.

The price of May Brent crude futures on the London ICE Futures exchange at 08:40 Moscow time is $ 26.04 per barrel, which is $ 0.94 (3.48%) lower than the price of the previous session. As a result of trading on Friday, futures fell in price by $ 1.49 (5.2%), to $ 26.98 per barrel.

Futures for WTI oil in May at electronic trading on the New York Mercantile Exchange (NYMEX) by this time fell in price by $ 0.01 (0.04%) to $ 22.62 per barrel. By the close of previous trading, the contract price was $ 22.63 per barrel.

Last week, the price of WTI fell 29.3%, which was the maximum weekly decline since 1991. Brent lost 20.3% in a week. At the same time, in March WTI crude oil fell by 43.9% and may show a record decline for the month, CNBC writes.

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