The price of Brent crude oil during today’s trading on the ICE exchange fell nearly 4.5%.
In this case, the minimum cost of a barrel fell to $47,86 is the lowest price since early July of 2016. As of 18:25, Brent crude oil price was $47,92, according to RBC.
Experts attribute the fall in oil prices with the increase in the number of drilling rigs operating in the U.S. and growing production in Saudi Arabia and Nigeria, which managed to ramp up production after the completion of rehabilitation works on infrastructure damaged by militant attacks.
As noted by the senior analyst IK “Veles Capital” Yuri Kravchenko, “the second day in a row, oil prices remain in the “red zone”: the end of the day on Tuesday, Brent crude has fallen below $ 48 per barrel (yesterday the price was above $ 50)”.
“In these circumstances, the ruble remained nothing how to continue to be adjusted, while the participants bought the currency with great reluctance: by evening, the dollar/ruble rose to RUB against 64,62 closing on Monday at the level 63,94 RUB, however, compared with the morning opening, the dollar rose “only” by 30 kopecks, while oil lost on Tuesday at a cost of about a dollar,” says the review expert.
In the next 2 days the data about dynamics of stocks of oil and oil products in US stores must publish the American petroleum Institute and energy information Administration of the United States.
