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.

Read also

Dynamics of oil transportation in Ukraine (10 months of 2019)
Oil price dynamics against the backdrop of tensions in the Middle East
Dynamics of oil transportation in Ukraine (August 2019)