WTI oil price falls below $ 20

US, WASHINGTON (ORDO NEWS) — For the first time since 2002, the price of WTI crude oil fell below $ 20 per barrel.

As of 1:40 UTC, the price of May futures for WTI fell by 8.52%, to 19.98 dollars per barrel. June futures for North Sea Brent fell 4.65%, to $ 26.6 per barrel.

At the beginning of March, the OPEC + countries failed to come to an agreement either to change the parameters of the agreement to reduce oil production, or to extend it. Riyadh insisted on an additional reduction in production, but this did not suit Moscow, which proposed to maintain the current conditions.

As a result, from April 1, participants in the OPEC + transaction will not have any obligations to each other. After that, the Saudis announced that they would increase production, lower prices and offer large volumes of discounts to European customers.

This led to the collapse of oil quotes in world markets. Since the beginning of the year, prices have fallen more than twice.

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