Oil prices fell more than 8%
US, WASHINGTON (ORDO NEWS) — World oil prices plummeted at the opening of trading, the drop in quotations reaches 8-9%, according to exchanges.
As of 22.17 UTC, the price of May futures for Brent crude oil fell by 8.22% to $ 25.13 per barrel, and a few minutes earlier this decrease exceeded 11%.
The cost of futures for WTI crude oil is reduced by 9.89% – to 21.32 dollars per barrel.
Oil quotes and exchange rates collapsed after the news that members of the Organization of Petroleum Exporting Countries were unable to extend oil production agreements: Moscow proposed to maintain the existing conditions, and Riyadh – to further reduce production.
As a result, from April 1, the OPEC + transaction will cease to exist and there will no longer be restrictions on the alliance members. Another factor affecting the global economy and slowing demand remains the coronavirus pandemic.
On Wednesday, March 18, Brent fell to a minimum since May 12, 2003 ($ 26 per barrel). The cost of WTI fell to a minimum since March 1, 2002 ($ 23 per barrel).
On Friday, Brent crude finished trading at around $ 27.38 per barrel, lost 19% in a week, and only 40% since the beginning of the collapse.
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