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Oil price dropped below $ 40 again
24 June 2020, 23:55
Oil price dropped below $ 40 again
Photo: Медиахолдинг 1Mi
After the collapse of world oil prices in March-April, they grew for some time. But now, the value of the August futures for Brent crude fell by 6% on the London ICE, reaching $ 39.78 per barrel.

The fall in oil prices accelerated after the release of statistics from the US Department of Energy on its reserves and production in the country. For the third time, American oil reserves updated their historical record - they rose to 540.7 million barrels. For the first time in 11 weeks, US production rose to 11 million barrels, adding 500 thousand barrels, the Kommersant newspaper reported.

US WTI crude oil was trading below $ 38 a barrel. Meanwhile, the Russian Urals brand in Europe has risen sharply since the beginning of June and now stands above $ 45 per barrel, the site of the Ekho Moskvy radio station notes.

In early June, the ministers of OPEC + countries during the next meeting agreed to extend the current arrangements for another month , according to which the participating countries will reduce oil production. Saudi Arabia and several other countries proposed not to increase production after July because demand for raw materials has not yet recovered. Russian oil companies have proposed to wait how the situation will develop in June. In May, Russia reduced oil production by 15.5% (to 39) compared with the same month last year.