June 5, 2023
Oil price

The price of Brent oil during trading on the London ICE exchange on Wednesday, May 3, dropped to $75 per barrel. It was near this mark for the first time since March 27, 2023.

According to the data of the trading platform, as of 10:42 Moscow time, the price of Brent crude oil decreased by 0.31% to $75 per barrel, transmits TASS. At 10:49 Moscow time Brent traded at a similar level. Futures for WTI crude oil for June delivery fell to $71.02 per barrel, shedding 0.87%.

A day earlier, the price of Brent crude oil fell sharply in exchange trading and fell below $ 76 per barrel – for the first time since the end of March this year. Analysts associated such dynamics, among other things, with fears about a possible default on the obligations of the United States of America and with a decrease in manufacturing activity in China.

On the evening of May 2, the price of futures for Brent crude for July delivery fell on the ICE exchange to $75.3 per barrel. The decrease in quotations amounted to more than 5%. The cost of futures for WTI crude oil for June delivery fell to $71.95.

In April, the OPEC+ countries decided to cut oil production. It was specified that the total volume of the reduction will be 1.66 million barrels per day. The limit is planned to be maintained until the end of 2023. After this decision oil price jumped by 6%. However, subsequently oil quotes went down.

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