The cost of Brent crude oil fell to 24.9 dollars per barrel, WTI – to 21.5 dollars. This is a record drop over the past 17-18 years.
World oil prices on Wednesday, March 18, updated lows from 2002-2003. The cost of Brent crude oil fell by more than 13 percent to $ 24.9 per barrel, a minimum since May 2003. The cost of WTI crude oil fell by almost 23 percent to $ 21.5 per barrel, updating a minimum since February 2002.
Against this background, the dollar exchange rate exceeded 80 rubles, the euro rose above 88 rubles.
The fall in oil prices resulted from Russia-OPEC failure to agree on a reduction in oil production. The decline in oil prices and the ruble exchange rate are also associated with the global coronavirus pandemic.
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