The price of Russian Urals oil for delivery in Rotterdam fell below $ 10. As of Tuesday night, April 21, it was trading at 9.5 dollars per barrel, according to The Bell.
The price of Urals is calculated with a discount of the cost of standard grade Brent, which began to fall on Tuesday in the night of Wednesday, April 22, traded at 15.98 percent. This is the lowest since 1999.
As of 10:00 June futures on Brent is 16.75 dollars per barrel, and WTI — 10.71 USD. The fall in oil prices due to the panic about the overflow storage of crude oil.
The may futures for WTI on Monday fell to almost minus 40 dollars per barrel. Market participants suspect that this month the situation will not change, and the oil still will be nowhere to store.
Earlier it was reported that Europe sharply increased its purchases of Saudi oil, on which the Kingdom under the price war has offered record discounts. Accordingly, the collapsed sale of Russian supplies by sea. In particular, Poland in April have not bought a single barrel of Urals, so Russia’s deliveries were limited to pipeline of oil, which has long-term contracts.
Russian authorities explain the situation to lower the cost of oil cartel and market speculation and are urged not to panic, pointing out that will be able to cope with the situation.
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