the Price of North American WTI crude oil for delivery in may fell to a record in the history of 5 cents a barrel, according to the auction.
the Barrel of benchmark Brent crude, from which to calculate the discount for Russian oil grade Urals trading at 26.2 dollars per barrel.
the Collapse of the value of North American grades of oil only occurs in contracts for the supply of “black gold” in may, the trade ends on April 22. Contracts WTI with delivery in June sold on the exchange at 21.05 $ per barrel.
Falling oil prices WTI pulls the rest of the performance, including quotations of Brent, which has also declined, though not as heavy pace.
As already reported, “RG”, reduction of energy demand and the associated fears of strengthening of the negative dynamics of consumption against the backdrop of expanding pandemic coronavirus in the world has led to a record drop in oil prices. The excess of this resource on the market is now estimated at 25 million barrels per day and filling storage exceeds 70%. Stocks of WTI crude oil is estimated at a record 160 million barrels, which, coupled with the termination of the sales led to the collapse of prices for the may delivery. We can assume that from April 22 – after completion of trade contracts WTI with deliveries in may – the price of oil in this class will undergo a major correction in the upward direction.
