09/03/2020 10:59
Brent crude oil down below $34 per barrel, first time since February 2016
The cost of futures for Brent crude oil with settlement in May 2020 on the ICE Exchange in London fell by 33.4% to $33.94 per barrel, according to trading data as of 01:08 Moscow time.
By 01:25 Moscow time, Brent partially won back its fall, the price of futures rose to $35.23 per barrel.
The last time the oil price was below $34 per barrel in February 2016.
The cost of the April futures contract for WTI crude oil fell by 27.1% to $ 32.48 per barrel.
Oil price is falling amid news that OPEC+ countries failed to agree on an additional reduction in oil production amid falling demand due to coronavirus.
At the meeting in Vienna, OPEC proposed to further reduce production by 1.5 million barrels per day until the end of this year. However, Russia and Kazakhstan opposed this proposal. Russia, in particular, insisted on the extension of the current agreements only for the second quarter.
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