The price of the North Sea variety has dropped to less than $ 16 a barrel. According to Commerzbank, panic spreads not only to oil traders, but also to OPEC +.
The Brent oil price presented itself again with significant losses on Wednesday morning and continued the recent downward slide. The future for the Brent crude oil, which is considered an important oil price benchmark, was quoted at 11.40 p.m. in London at $ 17.45 a barrel (159 liters), which is almost ten percent less than the previous day.
“Chaos on the oil market continues,” was the title of Commerzbank’s daily information on raw materials. The unprecedented volatility on the oil market continues, according to experts. After the drama and price drop of the US grade WTI to minus 40 dollars a barrel on Monday, the prices for WTI and Brent (June contracts each) came under massive pressure the previous day, the Commerzbank analysts write. The WTI price fell a remarkable up to 70 percent over the course of the day to $ 6.5. The Brent oil price dropped to $ 16, its lowest level since June 1999.
According to Commerzbank, panic spreads not only to oil traders, but also to OPEC +. The oil cartel and other major oil producing countries therefore held an unscheduled conference call the day before, at which no new strategic consensus was found for the time being. The experts continue to write that the massive production cuts that OPEC and some other oil exporters have recently committed to are not sufficient to compensate for the decline in demand and stabilize the oil market.
The price of OPEC oil fell to $ 14.63 a barrel on Tuesday. On Monday, the barrel had cost $ 14.19, according to the OPEC secretariat in Vienna. The OPEC Prize consists of a basket of twelve varieties.
The gold price was evident the day before. At 11:00 a.m. in the London gold trade, the troy ounce (31.10 grams) was trading at $ 1,697.606 (after $ 1,686.79 on Tuesday).
(APA)
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