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Oil price collapsed to a four -year minimum
World oil prices fall by more than two percent, indicate the data of trading and comments of analysts. So, the price of the Brent brand collapsed to a minimum from April 2021 after Saudi Arabia reduced the cost of its oil for buyers from Asia, writes RBC.
As of 10 in the morning Moscow time, the cost of June Brent oil futures on the ICE London Exchange fell by 4.54% - up to 62.60 dollars per barrel. Oil of this brand is traded below $ 63 per barrel for the first time since April 12, 2021.
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The publication notes that the pressure on the oil market is now a decision of the Saudi Aramco oil production company, which has reduced the price of its Arab Light varieties for the largest buyers in Asia.
At the same time, the drop in oil prices, which began last week, is also influenced by the donald Trump, the duties and response measures from China introduced by President Donald Trump.
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On April 4, Beijing announced that he would introduce response. “China’s response measures for duties of the United States practically confirm that the world is moving to the global trade war. There will be no winners in this war, and it will damage economic growth and demand for key goods, such as oil and oil products, ”said Ole Hansen, head of the Saxo Bank raw material markets.
In addition, experts note that the sale on the market was aggravated due to the “unexpected solution” of OPEC+ increase the volume of production more than previously expected. According to experts, the planned increase in production by 411 thousand barrels per day will provide surplus in the oil market, writes Reuters.
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