the Barrel of benchmark Brent crude, from which to calculate the discount for Russian oil grade Urals trading at 26.7 dollars per barrel.
the collapse of the value of the North American grade of oil occurs only at the contract for the supply of “black gold” in may, the trade ends on April 22. Contracts WTI with delivery in June sold on the stock exchange for 22.5 dollars per barrel.
the Main reason for the fall in oil prices is reducing demand for energy and the associated fears of strengthening of the negative dynamics of consumption against the backdrop of expanding pandemic coronavirus in the world. The glut of oil on the market is now estimated at 25 million barrels per day and filling storage of crude oil exceeds 70%. Particularly difficult situation in Europe and America.
the Volume of WTI crude oil in storage is now estimated at a record 160 million barrels, which, coupled with the termination of the sales led to the collapse of prices for may delivery.
OPEC+, and their new allies agreed to a regulated reduction in oil production, a total of 15 million barrels in may-June 2020, but it is not enough for a reversal of quotes to the growth.
