The price of oil broke out a mark of $ 49 per barrel

The price of Brent oil for the first time since July 2017, during the trading, fell below $ 50 per barrel. At a minimum, she reached $ 48.95. Since the beginning of January, the fall was already 24%.

• During the day, the price fell by the previous closure by about 5%. But at 21:00 in Moscow, the price of Brent on the ICE exchange in London again rose above $ 50 per barrel.
• Oil has been cheaper since the beginning of January, and the fall is already about 24%.
• The main reason is the outbreak of coronavirus, which hits the Chinese and world economics. Reducing growth forecasts means a drop in demand for raw materials.
• The main question is whether OPEC+ can support the market. The next meeting of the cartel participants, including Russia, is scheduled for March 5-6, but negotiations are unlikely to be simple. Last week, WSJ wrote that due to the reluctance of Russia to reduce prey to maintain prices, partnerships within the framework of OPEC+ began to crack at the seams, and Saudi Arabia allows a breakdown. Russia and Saudi Arabia have never had disagreements, Russia plans to continue cooperation with the kingdom, the Minister of Energy Alexander Novak said on February 27.
• When strengthening negative factors, oil prices can temporarily drop to $ 45-50, quoted the “Vedomosti” chief analyst “BCS Premier” Anton Pokatovich. Senior Director of Fitch Ratings Dmitry Marinchenko admits that with an unfavorable development of events, the price of oil can gain a foothold at $ 40-50 per barrel.