Oil price at its lowest level since July – E24

After the coronavirus paralyzed the entire world, oil prices plummeted. In late summer, the arrows turned upward, but now they’re going down again.

On Monday, the price of a barrel of North Sea oil (burned) fell more than a dollar to its lowest level since July. It comes after Saudi Arabia made its biggest monthly price cut in five months for deliveries to Asia, writes Reuters. Market optimism around demand has again been affected by the corona pandemic.

North Sea oil cost $ 41.75 a barrel, or 91 cents, or 2 percent less, at one o’clock Monday night, after the price had previously dropped to $ 41.51, the lowest since July 30th.

The evolution may also be affected by the fact that the US stock markets have fallen in recent days

The price of US crude oil (WTI) also fell 91 cents, or 2.3 percent, to $ 38.86 a barrel. The cost of delivering a barrel of this oil next month hit its lowest level at $ 38.55 – it hasn’t been this low since July 10.

Reuters: Oil prices fall more than a dollar