The price of oil at auction in London continues to decline

US, WASHINGTON (ORDO NEWS) — At auction on the ICE exchange in London, the price of Brent crude oil fell by more than 9 percent. Its cost is $ 31.69 per barrel.

The cost of WTI crude oil has lost more than 10% and is $ 25.96 per barrel.

Experts argue that the subsidence of oil quotes is taking place against the backdrop of news about the continuing increase in the number of people infected with coronavirus.

In January 2020, due to the coronavirus pandemic and government action to combat it , oil prices began to decline . In early March, the decline intensified. Russia and Saudi Arabia could not agree on the terms of the extension of the OPEC + transaction. In early April, the ministers of OPEC + member countries are going to discuss again the issue of containing oil production.

Russia expects the United States to join the deal. Sources claim that the United States is prohibited from participating in the cartel antitrust laws. Against this background, the information that Saudi Arabia is ready for a significant reduction in production sounds encouraging. But this is only possible if Russia and the United States make cuts.

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