The day started with falling oil prices

World oil prices, having dropped below the psychologically important barrier of $30 per barrel yesterday, continue to decline steadily. Trading in Asia began today with the price of oil falling. As of 9:00 Moscow time, a barrel of Brent oil became cheaper by $1.53. Prices decreased by 5.17%, reaching $28.09. This is the lowest price in the last 4 months. Traders believe the main reason for the reduction in prices for raw materials in Asia is news about negotiations between Iraq and the United Nations. As a result of a complex discussion, a compromise was reached on the issue of pricing for Iraqi oil, and this allows us to hope that in the coming days the country will resume supplies of its oil under the Oil-for-Food program. This will completely remove the threat of a shortage of petroleum products on world markets. In addition, Saudi Arabia's statements that it can increase its oil supplies in the event of force majeure maintain stability in the markets.

The price of Russian Urals oil delivered to Mediterranean ports on Tuesday was $26.72 per barrel, which is $1.55 lower than Monday’s price.

Against the backdrop of fluctuations in oil prices, which capture the attention of almost all participants in the international economic process, the forecasts of the World Bank (WB) are interesting. According to the World Bank report, by the end of the decade we expect oil prices to fluctuate within the range of 18-19 dollars per barrel. The average price level will be as follows: 2000 √ 28 dollars per barrel, 2001 √ 25 dollars, 2002 √ 21 dollars. At the same time, the authors of the report draw interesting conclusions. For example, compared to the situation a year ago, it is now necessary to sell twice as much agricultural products to purchase the same amount of oil.