Oil falls. June Brent futures traded for less than $18 per barrel, WTI was less than $8

On the evening of 21 April, oil prices continued its downward trend, this is evidenced by the trading of The ICE Futures.

Thus, the cost of the June futures for oil of mark Brent elite during the session fell to $17,96 per barrel. Then she grew up to 22.30 in Kiev amounted to $19,77 per barrel. This is the minimum cost of North sea oil in 2002.

June futures with similar characteristics of WTI crude oil at some point traded at $7,21; now the cost of a barrel is $10,84.

By mid-day drop in prices was over 20% compared to the opening bid.

April 20, the price of us WTI crude oil for the first time in the history became negative, which was associated with the attempt of traders to sell may futures before the end of trading.

Oil prices decline despite progress in early April, the agreement of the Organization of countries – exporters of oil and its partners to cut oil production to 9.7 million barrels per day in may and June, which is about 10% of the total placed on the market of raw materials. About the same volume should provide countries outside of OPEC, but, as noted by Reuters, this is not enough to remove the excess from the market.

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