Brent and WTI Oil Prices Fall Rapidly

The cost of the May WTI futures fell by almost 15 percent, the June Brent - by 4 percent. In the Asian session, the fall in prices was a record over the past 20 years. The price of WTI oil fell on the London Intercontinental Exchange (ICE) on Monday, April 20, by almost 15 percent. The cost of the May WTI futures is now at $ 14.68 per barrel. The cost of Brent oil fell by almost 4 percent, the value of its June futures fell to 27.64 dollars per barrel. The cost of oil futures for WTI in the Asian session fell by 20 percent - below $ 15 per barrel. This is a record low over the past 20 years. In early March, OPEC participants and its partners failed to agree on a further reduction in production by an additional 1.5 million barrels per day. Saudi Arabia insisted on a decline, and Russia opposed. The failure of the negotiations led to a drop in oil prices to a minimum of 18 years. Coronavirus epidemic also affected the prices. Later, OPEC+ countries agreed to lower oil production.