Brent oil price fell below $39 per barrel

The price of August Brent futures fell on Thursday by 7%, to $38.7 per barrel, WTI oil quotes - by 8%, to $36.3. This is evidenced by trading data on the London Stock Exchange ICE.

According to Business Insider, there are several reasons for this decline. First, investors fear the recent spike in coronavirus cases in the US and India. A second wave of coronavirus raises the possibility of another shutdown and a slowdown in the economic recovery. This, in turn, will affect the price of oil, analysts say.

The second reason is an increase in US crude oil inventories by 5.85 million barrels, while they were expected to decline by 1.45 million barrels.

• In early June, on the news of the extension of production quotas, oil quotes returned to levels that preceded the breakdown of the previous OPEC+ deal: Brent oil at $42 for the first time since March 6. On June 9, Brent fell below $40 for the first time since the OPEC+ meeting. The participants agreed to maintain restrictions in the amount of 9.7 million barrels per day until the end of July.