The country is very strongly increases the rate of oil production
Oil prices around the world suddenly went down. So, the benchmark Brent and WTI unexpectedly fell by $ 4.10 and $ 3, respectively.
This is reported by the media.
It should be noted that such a sharp price reduction was not observed over the last two years.
It is now known that the Brent crude oil futures dropped $ 4,10, or 5.2%, to $ 74,76 per barrel. This is the largest one-day decline in the price of the benchmark brand of oil, starting in February 2016.
Meanwhile, WTI oil futures fell $ 3 to $ 71,11 per barrel. The situation with falling oil prices, said a senior energy analyst at Interfax Energy Agency in London, Abhishek Kumar.
Experts say that the main reason for the falling prices in the oil market has been the increase in voltage between one of the main importers of “black gold” in the world USA and China.
“The growth of trade tension between the United States and China led an unwillingness to risk for today’s trading session, as evidenced by oil prices”, – he said.
As already known, the United States started talking about the introduction of duties on Chinese goods worth about 200 billion dollars.
Furthermore, prices reacted to the force majeure at four Libyan ports. As is known, oil production in Libya has dropped from 1.28 million barrels a day in February to 527 thousand barrels per day as of 9 July.
Moreover, the fall in oil prices also affected the annual report of OPEC, which refers to a sharp increase in oil production in Saudi Arabia, in 2019, may lead to excess in the global market.
In addition, the falling prices also affected the potential signs of a possible easing of us sanctions against Iran, which is the world’s fifth largest oil producer.
However, it should be noted that in the night of Thursday there was a slight fall in oil prices of well-known brands. This happened immediately after the US President Donald trump has expressed indignation in connection with the prolonged rise in oil prices, blaming a “monopoly of OPEC.”
So, the report says: “oil Prices fell Thursday after the President of the United States Donald trump posted a message on Twitter calling for OPEC to reduce the prices of raw materials.”
In particular, futures on Brent oil LCOc1 dropped price to $ 77,88 per barrel, down 36 cents, or 0.5%. The price of the product, the company WTI CLc1 fell 36 cents to $ 73,79 per barrel.
Wednesday evening the US President Donald trump once again struck members of the organization of OPEC, accusing them of inadequate efforts to reduce gasoline prices, which depends on the cost of oil.
Donald trump called on OPEC to lower oil prices
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