Experts explained why there was a collapse of prices for crude oil WTI
The price of may futures of WTI crude oil has completed a major auction of Monday on a mark a minus 37.63 USD per barrel, having fallen in price by 300%, RIA “Novosti” with reference to the auction.
According to senior Director of the group on natural resources and commodities, Fitch Dmitry marinchenko, today’s collapse in prices can actually wear in nature.
“The futures prices of WTI with delivery in June–August while traded in the corridor of 20-30 dollars, and in September–December — 30-35 dollars. That is, the market believes in a gradual recovery in prices”, — explained RBC expert, allowing that “for some time and Brent, and Urals also falls below $ 10.”
Analyst Raiffeisenbank Andrey Polischuk considers that the sharp drop is due to the fact that the member countries of the OPEC transaction+ is not yet reduced production.
“Saudi Arabia and produces more than 12 million barrels per day”, — quotes the edition Polishchuk. According to the latter, from Asia sent a large volume of oil in the United States that influenced the fall of prices for oil produced in Texas mark WTI.
We will remind, today, on 20 April the price of may futures of WTI crude oil for the first time in history became negative. This means that manufacturers pay to customers for something that they took away the oil.
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