OREANDA-NEWSThe price of Brent crude oil lost 2.5% and fell to $ 27.93 per barrel as of 12:33 Moscow time, according to ICE data. This is the minimum value since January 2016. The cost of WTI crude oil is reduced by 3.93% to $ 25.93.

Information from the fact that a number of countries, including the USA and China, decided to increase the reserves of raw materials in their strategic reserves holds back from a stronger fall in oil prices, analysts at Nordea Bank said. Oil quotes began to fall after the OPEC+ deal broke down to reduce the production of raw materials and the subsequent drop in selling prices from the largest exporters, primarily Saudi Arabia.

The technical meeting of the OPEC+ participants, scheduled for Wednesday, March 18, in Vienna, was canceled. Arrangements to reduce raw material production between OPEC countries and non-member states are valid until the end of March.