The price of Brent oil futures on the London ICE exchange fell to $70.6 per barrel for the first time since March 2023.
World oil prices have continued to decline and have reached new lows since March last year. This was confirmed by the trading data on Friday, September 6.
Thus, the price of Brent oil futures on the London ICE exchange dropped to $70.6 per barrel for the first time since March 2023. The daily loss was about 3%.
The price of WTI crude futures for October delivery on the New York Mercantile Exchange set a fifteen-month low of around $67, with losses also reaching 3%.
Analysts at Citi Research believe oil prices could fall to $60 a barrel by 2025, citing impressive market surpluses as a key factor.
Despite the fact that recent supply disruptions in Libya and changes in plans to increase OPEC+ production have provided short-term support for Brent oil prices in the $70-72 range, experts consider that it is a temporary phenomenon.
As reported, world oil prices are dropping dramatically amid concerns among market participants about the prospects for demand for “black gold.”
Source: korrespondent
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