US crude falls below $ 19 a barrel for the first time since 2002

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US crude falls below $ 19 a barrel for the first time since 2002

Sputnik

US crude falls below $ 19 a barrel for the first time since 2002

The price of a barrel of US crude fell, during trading on Friday, to below the level of $ 19 a barrel, for the first time since the end of January 2002.

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The US crude, “West Texas Intermediate”, was traded, at 10:06 Moscow time, at $ 19.02 a barrel, a decrease of 4.28% from the previous settlement price.

Before that, during the trading, US crude fell to 18.96 dollars a barrel, recording the lowest levels.

The drop in US crude was in contrast to the “Brent” mix, which rose by 0.86% to 28.07 dollars a barrel, according to the agency “Novosti”.

Earlier, the Organization of Petroleum Exporting Countries lowered its forecast for global oil demand in light of the Corona pandemic and its implications for the global economy.

The organization said, that the global demand for oil will decrease by 6.9 million barrels per day on an annual basis in 2020.

Before “OPEC”, the International Energy Agency published a bleak report on the prospects for black gold demand this year due to the Corona pandemic.

The agency said that global demand will be at the level of 90.6 million barrels per day, a decrease of 9.3 million barrels per day in 2020 from its level in 2019.

Source: “Novosti”





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