Oil prices drop rapidly
19:20
Oil prices are falling sharply on Monday, March 9. The reason is the breakdown of talks between OPEC and Russia on the management of global oil supplies.
A barrel of West Texas Intermediate in April oil supplies at the NYMEX New York Stock Exchange is valued at $29.86, at a price reduction of 27.64 percent.
Brent oil in May supplies at the ICE Futures Europe London Stock Exchange is valued at $33.31 per barrel, 26.42 percent lower.
These are the strongest drops in oil prices since the Persian Gulf War back in 1991.
At the beginning of March in Vienna, a two-day ministerial meeting of oil producers from the Organization of Petroleum Exporting Countries (OPEC) and allies outside this group was held. The agreement wasn’t reached and later, Saudi Arabia, one of the largest oil producers in the world, decided to significantly reduce the prices at which it will sell oil in April.
(Business Insider)
