During the trading session on 27 April, the price of U.S. benchmark oil grade WTI has fallen by more than 30%. This is evidenced by the trading of The ICE Futures.
So, as on 16.10 June futures traded at about $12.9 per barrel (31.3% lower than at the close of the previous trading day). The contracts with maturities in July and August also fell significantly: the July futures by 13.7% (to $18.6 per barrel), August – 9.4% (up to $21,8 per barrel).
Quotations of North sea oil Brent with delivery in June fell by 7.4% to $19,9 per barrel. The July contract traded at us $23.2 (-6,5%), the August at $25,7 (-5,3%).
On 20 April the price of may futures WTI for the first time in the history became negative (fall in the value of contracts with maturity in June and later was a minor). According to the Agency Reuters, 20 APR quotations fell to minus $40 per barrel.
By Friday, April 24, the price of oil recovered. So, WTI was trading at $17,9 per barrel and Brent at us $22.8.
The rapid fall of oil prices caused a record drop in demand for hydrocarbons because of the pandemic coronavirus, and the ensuing economic crisis and fears of traders that storage facilities will soon be filled.
Thus progress in early April, the agreement OPEC+ on the reduction of 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, strong impact on the stock did not have. As the Agency Reuters, this is not enough to compensate for the overabundance of raw materials on the market.