Global oil prices fell by almost nine percent, according to trading data.
For the first time since February 11, the North Sea Brent blend price fell below $ 62 per barrel. The price of its May futures fell by 9.07% – to 61.83 dollars per barrel. April WTI futures were down 9.15% to $ 58.69 per barrel.
According to Rob Haworth, senior investment strategist at US Bank Wealth Management, this decline can be explained by “the moment of a certain cycle of trading transactions.” Bloomberg cites his opinion. He suggested that oil prices “will test the lower threshold of such a trading range” since after the pandemic, “there will be no global opening” of countries and economies.
Also, investors are concerned about the issue of oil demand after the suspension of the use of the AstraZeneca vaccine by some EU states due to concerns about possible thromboembolic complications. At the same time, the European Medicines Agency (EMA) confirmed the safety and effectiveness of the drug.
Some analysts attribute the sharp drop in the price of black gold to the tension in Russian-American relations.
“The tension between the US and Russia is growing; the US is threatening Russia with sanctions. One way for Russia to respond is to target shale production to fill the market with oil,” Phillip Streible, senior commodity strategist at RJO Futures, told MarketWatch.