MOSCOW – The cost of futures for Brent crude oil with settlement in May 2020 on the ICE Exchange in London fell by 33.4 percent to USD33.94 per barrel, according to trading data as of 01:08 Moscow time.
By 01:25 Moscow time, Brent partially won back its fall, the price of futures rose to USD35.23 per barrel.
The last time the oil price was below USD34 per barrel in February 2016.
The cost of the April futures contract for West Texas Intermediate crude oil fell by 27.1 percent to USD32.48 per barrel.
Oil price is falling amid news that OPEC+ countries failed to agree on an additional reduction in oil production amid falling demand due to coronavirus disease.
At the meeting in Vienna, Organization of the Petroleum Exporting Countries (OPEC) proposed to further reduce production by 1.5 million barrels per day until the end of this year.
However, Russia and Kazakhstan opposed this proposal.
Russia, in particular, insisted on the extension of the current agreements only for the second quarter. (TASS)
