Reduction in energy demand due to pandemic coronavirus and the filling of oil storage tanks in the world have a negative impact on the quotations of “black gold”, which is almost daily updating historical lows.
Also in the position Brent was influenced by the fall in the price of North American crude oil to negative values for contracts with delivery in may. Now the price of WTI with delivery in June is 20.4 dollar per barrel.
Members of OPEC+, and some others joined them, and the oil-producing countries, including the United States and Canada, agreed to a regulated reduction in oil production, a total of 15 million barrels in may-June 2020, but it is not enough for a reversal of quotes to the growth.
