Brent crude is 35,12 USD per barrel, the price of February futures for oil of mark WTI has decreased to 35,05 USD per barrel.
MOSCOW, 6 APR –. Oil prices reached a record minimum for the last 11 years amid a strong dollar and weak economic performance of China, writes The Wall Street Journal.
According to at 13.45 GMT, the cost of the February futures for North sea petroleum mix of mark Brent fell nearly 4% and amounted to 35.12 per dollar per barrel, the price of February futures for oil of mark WTI has decreased to 35,05 USD per barrel. Prior to that, Brent was traded at the level of 35,52 USD per barrel, the lowest level since July 2004.
The market continues to have a declining trend, says oil market analyst Tamas Varga. “A strong dollar and disappointing data from China exacerbate this trend,” he said.
Tensions in the middle East has also exacerbated the situation in the oil market. Conflict Saudi Arabia and Iran forced to worry about supplies from the oil-rich region of the world. Many believe that the rapidly deteriorating relations between the two OPEC heavyweights means that the cartel will not reduce production of crude oil and support the price, the magazine writes.