Oil quotes have been falling for two days in a row, WTI is falling fastest at almost 8%. The cost of Brent crude oil as of 22:50 Minsk time amounted to 55.9 dollars per barrel. This price is on the level of October 2017. Since December 18, the fall in prices has amounted to almost 6%.
WTI quotes fell by almost 8%, with quotations fluctuating at the level of 7.95-7.97%. The price of this oil brand is about 46.2 US dollars.
The main reason for the fall in quotations is the trade controversy between China and the United States, as well as the US government’s forecast for the growth of shale oil production.
CNBC predicts that quotes in the coming weeks will continue to fall due to the fact that the oil market may be over-saturated.
Quotes also fell the day before, when in a few hours Brent lost more than 2 dollars in price. Then, analysts noted the negative market stance to the prospects of a new agreement for oil-producing countries to reduce production levels. In addition, the agreement itself does not lead to an immediate reduction in volumes, it takes several weeks.