The price of oil has plummeted

June futures for US WTI oil fell sharply on Monday, April 27. This is evidenced by trading data on the London ice exchange.

The cost of raw materials fell by 28 percent during one trading day. At the beginning of the trading session, a barrel of oil cost $ 16.74, and then the price dropped to $ 13.05.

Brent crude is also cheaper on Monday, but the drop in the benchmark European raw material is much smaller — 6.3 percent. At the beginning of trading, a barrel of Brent was worth 21.61 dollars, and then it is worth 20.1 dollars.

Commodity prices on global markets are falling due to concerns about falling oil storage tanks and concerns about May Brent futures, which are due on April 30. Investors are afraid of a repeat of the panic sell-off that occurred last week with contracts for the supply of WTI. Then the cost of raw materials fell to minus 40 dollars per barrel.

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