Benchmark oil grade Brent, which is tied to Russia’s Urals blend has fallen in price on overall negative mood to 23.9 per barrel, falling below $ 24 for the first time on March 30.
the Fall in WTI in a sense it was “technical”. Drastically dropped the price only contracts with delivery in may 2020, which traded last day. On contracts with maturity in June of the negative prices were not recorded, according to him, WTI continued to trade above $ 20 per barrel.
Reduction of energy demand against the backdrop of expanding pandemic coronavirus in the world put pressure on the oil quotes, which from the beginning of 2020 has lost more than 60% of the price. An excess of “black gold” on the market now is estimated at 25 million barrels per day and filling storage exceeds 70%.
