Oil price of WTI fell to the lowest level since December 2003

Oil price of WTI fell to the lowest level since December 2003


NEW YORK, January 11. /Corr. Igor Borisenko/. On 5,28%, or $1,75 – fell on Monday, the price of oil WTI on the new York stock exchange. To 15:00 (23:00 GMT) the price of a barrel of oil with delivery in February reached $31,41. This is the lowest level since December 2003.

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At the same time declined the quotations of energy companies: the stock price of Freeport-McMoRan fell by 17% to $4.5, Consol Energy – 10.6% to 6.88, and NRG Energy – 9.4% to $10,27. “Market participants have to consider two main factors: the situation in the Chinese economy and the situation in the oil market, – said the head of the investment Department of Wells Fargo Bank Eric Davidson. – These two reasons make them nervous.”

Earlier Monday, the analytical service of the Bank Morgan Stanley did not rule out the possibility that the price of oil will drop to 20-25 dollars per barrel. “The oil price is $20, but not for the reasons often referred to, said analysts – the point is not about the deteriorating fundamental conditions in the market.” The main factor affecting the price of oil, they believe, is the dynamics of the dollar.