Oil prices now are down more than 22%

US, WASHINGTON (ORDO NEWS) — World oil prices fell to a minimum of 17-18 years, according to trading data.

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So, the cost of May futures for the North Sea Brent brand oil mix fell by more than 13 percent – to $ 24.88 per barrel. In turn, the WTI brand fell in price by almost 23 percent – to 21.1 dollars per barrel.

Thus, Brent has fallen to a minimum since May 2003, WTI – from March 2002.

Following the oil quotes, the ruble also fell. By the end of the day, the dollar and the euro rested on the upper plan of the corridor on the Moscow Exchange on March 18 – 80.87 rubles and 88.725 rubles, respectively.

Quotes collapse

Oil demand fell due to the coronavirus pandemic. This has led to a sharp drop in prices.

The market was also influenced by the disruption of the OPEC + transaction, the participants of which were unable to agree on changing the parameters of the agreement on the reduction of oil production or its extension.

Russia did not agree to the cartel’s proposal to further reduce production and proposed to maintain the existing conditions. Saudi Arabia , in turn, insisted on an additional reduction in oil production.

As a result, from April 1, the countries – members of the OPEC + transaction are withdrawn previously concluded obligations.

At the same time, Riyadh subsequently, on the contrary, announced an increase in production and lower prices for black gold, which collapsed quotes. Since the beginning of the year, prices have more than doubled down.

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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 U.S. newsroom press.

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