Brent oil price fell below $ 55 for the first time since September 2017

The cost of contract for Brent crude oil with delivery in February 2019 during trading on the ICE exchange in London fell by 3.93% and amounted to $ 54.99 per barrel, according to trading data.

The last time the price of oil of this grade was below the level of $ 55 on September 18, 2017.
The price of WTI crude oil contract, in turn, fell by 4.07% to $ 46.21 per barrel. The last time oil quotes of this grade were at this level at the end of August last year.

The high volatility of oil prices is explained by speculative operations in the market, Saudi energy Minister Khaled al-Faleh told reporters yesterday. According to him, the decline in quotations occurs against the background of the fact that investors close their positions in oil. Nevertheless, OPEC + decision to reduce production will stabilize the market, he said and urged to wait.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor