Price of a barrel of Light oil fell to $12


April 20, Fineko/abc.az. The price of a barrel of Light crude oil has fallen to $12.

A barrel of Light is currently traded on the New York Exchange NYMEX at the price of $12.97.

As of 15 April, crude oil reserves at the largest US field Cushing over the past 3 weeks have increased almost by 16 million barrels and reached 55 million barrels. The cause for the sharp reduction in prices is also the overflow of warehouses.

The last time when the oil prices in the U.S. were at these levels was in 1999.