December 22, 2015, 09:29 / Business / News

A barrel of Brent fell to $36.6

Oil prices rose slightly on the morning of Tuesday, December 22, and then began to fall again. Thus, as of 9.10 Moscow time, the price of February futures for North Sea Brent oil dropped to $36.59 per barrel. The price of February futures for light North American oil WTI reached $36.14 per barrel at the same time.

Yesterday, Brent oil fell in price to the level of July 2004. At morning trading on December 21, it dropped to $36.2 per barrel, the minimum level reached in December 2008. Later, it dropped to $36.05, the level recorded at trading on July 2, 2004 At 20.50 Moscow time on December 21, February futures for Brent cost $36.19 per barrel, for WTI – $34.39.

Oil prices could fall to $20 a barrel (less than 50% chance) to force producers to cut enough capacity to balance the global market, Goldman Sachs analysts wrote. There will be no space left in oil storage facilities, causing prices to fall to levels that will force some producers to stop production, they add.