Brent drops below $38

By 8:15 a.m. in Kyiv, August Brent futures were falling on the London ICE Futures exchange by $1.08 (2.79%) to Friday's closing levels and were trading at $37.65 per barrel, Interfax reports.

July WTI futures by this time were cheaper by $1.44 (3.97%) to $34.82 per barrel on electronic trading on the New York Mercantile Exchange (NYMEX).

Brent fell by 8.4%, WTI – by 8.3% over the past week.

It is reported that the decrease in price was affected by the growth of coronavirus infection in the USA and China and the possibility of a second wave of the epidemic.

“Oil traders will continue to follow the news about the number of people infected with COVID-19 amid rising global infections,” said AxiCorp chief market strategist Stephen Innes.

Earlier it was reported that Azerbaijan would further reduce production in June.

Tags: contracts, oil, hydrocarbon production, legislation, USA, energy market, авиатопливо, Азия, добыча нефти, коронавирус, foreign affairs, OPEC+, OPEC, stocks, price, agreement, volumes, oil products, gasoline, energy sector, quarantine, Brent, WTI, pandemic, COVID-19, decline in production, oil companies, oil reserves, crisis, economy, market

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