The market was influenced by the Saudi Arabia’s decision in May to reduce prices for all types of oil for Asian consumers by $ 2.3 per barrel – the maximum drop from October 2022.
Oil prices continue to decrease at the beginning of the new working week, reaching a minimum score in four years. This has been confirmed by the results of the trading on Monday, April 7.
Thus, the cost of June Futures to various Brents in the Ice Futures London Exchange fell to $ 62.82 per barrel, which was $ 2.76 (4.21%) less than the closing time of previous trading. This is the lowest price since April 2021.
Accordingly, futures for WTI oil in May at the New York Model Exchange (NYMEX) electronic auction have reduced the price of $ 2.71 (4.37%), to $ 59.28 per barrel. This is also the minimum price in four years.
Last week, Brent dropped 10.9%, and the WTI by 10.6% because of the new roles of the United States, announced by President Donald Trump and China to them.
And now the market was affected by the Saudi Arabia’s decision in May to reduce prices for all oil types for Asian buyers $ 2.3 per barrel – the maximum decrease since October 2022. It was reported by the State company Saudi Aramco.
The main variety delivered to Asia – Arab Light – will get sick at a minimum to 4 months. It costs $ 1.2 more than Oman/Dubai basket oil.
Prices for all oil types for the United States will reduce $ 0.2 per barrel, for consumers from North-West Europe and the Mediterranean-by $ 0.5 per barrel.
Also last week, eight participating countries decided to speed up the removal of previously accepted oil restrictions by 2.2 million barrels per day and increase production from May 411 thousand barrels per day, equivalent to three monthly increases.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.