Fall in Brent and WTI oil prices

oil price

After a sharp decline last week, stock exchange quotation of benchmarks oil gradually started to increase and as of evening of May 29, the price of Brent oil amounted to $67.8. The price of WTI oil was $58.8 per barrel. 

Recall that on May 23, 2019 stock exchange quotation of Brent and WTI oil plummeted. Thus, at the end of the day a barrel of Brent oil cost $66.5 (decreased by $4.49 in a day), WTI – $57.9 (decreased by $3.5in a day). Such a decline at the market is for the first time in 2 last months of current year. The main reason is an increase in the tension in the US-China trade war and, as a result, investors' worries about the global economy and the prediction of the oil market.

It should be noted that experts predict a greater decline at the oil market which will be caused by increase in American raw materials reserves and anticipation of total oil supply raising.

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