UPDATE: WTI oil price falls below $10 first since April 1986
(Provides new figures throughout)
MOSCOW, Apr 20 (PRIME) -- The price for the May WTI oil futures fell 51.78% to U.S. $8.81 per barrel as of 7:27 p.m. Moscow time on Monday, below $10 per barrel for the first time since April 1, 1986, as seen by PRIME in the trading data.
The price of the Brent crude fell 5.06% to $26.66 per barrel.
On April 12, the OPEC+ countries agreed to reduce their oil production by 9.7 million barrels per day in May–June, by 7.7 million barrels per day in July–December, and by 5.8 million barrels per day from January 2021 through April 2022. Russia’s share in the reduction will amount to 2.5 million barrels per day in May–June. The agreement is valid until April 30, 2022, but the members will revise its prolongation in December 2021.