Brent oil price collapsed by 9.5% at trade opening

During the opening of trading on April 6, the price of Brent oil futures fell by more than 9% – to $31.16 per barrel.

This is evidenced by data from the ICE exchange in London.

WTI oil is also losing its price. By 01:10 Moscow time the futures also fell by 9.5% – to $ 25.88 per barrel.

On April 3, the price of Brent oil rose by 6.58% to $32.05 per barrel.

World oil prices collapsed on March 9 after reports of OPEC+ transaction termination, which implies decrease in oil production.

On April 1, the document ceased to be valid. Meanwhile, Saudi Arabia announced plans to increase production to 12 mn barrels per day.

On April 2, analytical agency Argus reported that the prices of Russian oil Urals in the last days of March showed negative values. This means that production, transportation and payment of export duties have become more expensive than the crude itself.