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At 22.00, the price per barrel of the Urals has dropped to less than two dollars.
Illustration / REUTERS
Russian Ural oil began trading at a negative price of $ 2 a barrel on Monday night, April 20. Spot (i.e. immediate delivery) WTI oil prices have also turned negative.
This is reported in Twitter Kommersant FM radio station.
In particular, WTI oil futures with May delivery are priced at $ 55 per barrel. This is evidenced by trade data on the ICE exchange in London.
Also readThe price of WTI oil has become an integral part of ‘for the first time in history’
Early in the day, the WTI oil suddenly collapsed. Initially, the price of this brand oil reached the level on April 1, 1986: $ 10 per barrel, and then, for the first time in history, it fell below $ 8 and continued its decline. As a result, the price of WTI oil fell to $ 0, after which it turned negative.
However, the cost of Brent oil is gradually decreasing. It dropped to $ 25.91. The last time below $ 26 Brent fell on April 2.
Last week, a report by the International Energy Agency (IEA) said that this year’s world oil demand will drop to a record 9.3 million barrels per day amid a pandemic coronavirus.
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