Oil price slump continues - WTI falls below $15, while Brent traded at $27.60 per barrel


April 20, Fineko/abc.az. May’s WTI crude futures, having dropped more than by 20%, has decreased below $15 a barrel on Monday for the first time since 1999. At the same time, Brent oil is down more than 1% on Monday.

By 9:20 am, at the London ICE Futures Exchange the price for Brent crude futures for June fell by $0.52 (1.85%) to $27.56 per barrel.

Following the trading on 17 April at the ICE Futures Exchange, June’s Brent crude futures rose in price by $0.26 (0.93%) to $28.08 per barrel.

By 9:20 am, at the New York Mercantile Exchange (NYMEX) the WTI futures for May fell by $3.37 (18.45%) to $14.90 per barrel.

At the end of trading on 17 April at the NYMEX xchange the price of May’s WTI oil futures fell by $1.60 (8.05%) to $18.27 per barrel.

The slump in oil prices is ongoing despite a deal announced by oil-producing countries on the production cuts more than by 10%. Amid the decrease in the demand because of the pandemic by 20-30 million bpd, the reduction of 9.7 million bpd looks insufficient. The lifting of quarantine restrictions in the main countries can support the market.