Price of Brent Oil Fell Below $ 28 for the First Time since January 2016
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.