According Refinitiv, which leads the newspaper “Vedomosti”, the Russian Urals crude oil with delivery in ports of the Mediterranean trading below $ 10 per barrel. It is possible to assume that in Northern Europe the price of traditionally it will be even less.
North American crude oil is 14.7 dollars per barrel. Since the beginning of today’s trading, Brent lost almost 23%, WTI 25%.
the Negative dynamics of oil prices contributes to the skepticism of the market to the possibility of increased demand for “black gold”, which drops from the beginning of the year because of the pandemic coronavirus. Also the pressure on prices has filled the world’s storages, including sea, almost 80%. In addition, today’s trading was influenced by the collapse of prices on contracts with delivery in may, WTI crude oil, which dropped to negative values.
however, Goldman Sachs analysts warn that the fall in WTI could be repeated in may, when investors will actively sell the June futures and buying the July.
