The Price of WTI Crude Oil Fell to 1 Dollar per Barrel
OREANDA-NEWS. The cost of May futures for WTI crude oil fell to 1 US dollar per barrel. This follows from trading data on the website of ICE. The price dropped by more than 90 %. Until today, the historic minimum was 9.75 dollars per barrel.
Due to the coronavirus pandemic, demand for raw materials has fallen record low. Oil prices also fell significantly due to inability of OPEC+ countries to agree on an extension of the deal or on parameters for reducing production.
After the parties entered into a new agreement in April, quotes began to grow. OPEC+ participants finally agreed to reduce oil production in May-June by 9.7 million barrels per day, in the future this volume will be reduced to 7.7 million barrels.