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Falling oil prices following the delay in holding the OPEC Plus meeting

Falling oil prices following the delay in holding the OPEC Plus meeting

 

The price of Brent crude index reached $ 32.82 at 5:33 a.m. today (Monday, 6th April) and the US WTI price index reached $ 25.28.

According to Shana, quoted by Reuters from Singapore and New York, the final price of the Brent crude index on Friday was $ 34.11 and the price of the US WTI index was $ 26.94.

The delay in time of the meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies, OPEC Plus, to examine the decline in oil production, which reduces part of the supply surplus caused by the Coronavirus outbreak and weakened demand, caused oil prices to fall today, falling more than a dollar per barrel.

Michael McCarthy, strategic director of the Siamese Institute, said only a delay in holding a meeting between Saudi Arabia and Russia was enough to bring prices down again.

“It’s very clear that they are ready to cut production in May,” McCarthy said.

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