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The price of Brent oil fell below $ 16 a barrel for the first time since 1999.
REUTERS illustration
The price of a barrel of Brent crude has fallen below $ 16, according to trade data from the London Stock Exchange. At 7:30 low was lowered to $ 15.99.
Also readHistorical drop in oil prices: how cheap “black gold” will affect the world and Ukraine
The last time a Brent barrel was traded for less than $ 16 was in 1999. In the 21st century, its minimum offer price was set on November 19, 2001 at $ 16.65.
The situation on the stock exchange began to change abruptly around 06:00. By the time the Brent barrel was trading in the $ 18.5-19 range, then a sharp decline began, reports RBC. At the same time, the market has strong volatility. A few minutes after reaching the minimum mark, the barrel rose more than a dollar, exceeding $ 17. But then the quotes fell again. At 8:24 a barrel Brent was already worth $ 16.2.
The situation is similar in the United States, where the cost of June contracts for the Texas WTI initially stabilized at around $ 13.75, and then began to decline rapidly. At 07:28 a barrel of this oil was worth $ 10.34. At a minimum, the June contract price reached $ 10.28.
On the eve of the WTI, crude oil prices for the first time in history reached negative values: at the close of trading, the price of a barrel with delivery in May reached the level of minus $ 37.63 per barrel. At the open, the WTI barrel was trading at $ 17.73, but within a few hours the price dropped by almost $ 56.
On the morning of April 21, prices had returned to a positive value, but on this day, June Brent futures fell nearly 25% to $ 20.7 a barrel.
The price of oil in the Russian Urals has fallen almost two and a half times, to seven dollars a barrel, but at mid-day it has risen to nine and a half dollars. The last time Russian oil was so cheap was in 1998.
In Russia, the exchange rate of the dollar after the two-week break rose above the level of 77 rubles per dollar, the euro reached almost 84 rubles per euro.
The Kremlin called the collapse in oil prices “a speculative moment.” Moscow believes that the market situation does not lead to overly negative forecasts.
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