Price of WTI oil falls by over 20% to the lowest level since 1999 / News / News agency Inforos
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Price of WTI oil falls by over 20% to the lowest level since 1999

Price of WTI oil falls by over 20% to the lowest level since 1999
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The price of WTI oil on the ICE exchange in London fell by more than 20%, breaking the mark of $15 per barrel and reaching the lowest level for the first time since 1999 on Monday.

At 10:20 Moscow time, the price of futures contract for WTI crude oil with May delivery on the ICE exchange in London fell by 21.8% to $15 per barrel. Earlier, the price of this grade of oil fell by more than 23% — below the mark of $15, TASS reports.

According to analysts, the fall in price of WTI crude oil is associated with the continued accumulation of oil amid falling demand due to the spread of coronavirus infection in the world. In particular, stocks of raw materials are growing in the oil storage in Oklahoma, which is the base for the delivery of futures contracts for WTI crude oil.

The volume of oil located in floating storage facilities in tankers is currently estimated at a record 160 mln barrels.

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