The price of Brent crude oil fell below $34 per barrel

The price of Brent crude oil fell below $34 per barrel


As at 21.12 GMT April futures price for North sea petroleum mix of mark Brent has decreased on 5,67% – to 33,95 USD per barrel. The price of March futures for oil of mark WTI fell on 6,78% to 31,34 dollars per barrel.

MOSCOW, 1 Feb. World oil prices Wednesday continued to decline amid weak statistical data from China, the Brent oil price fell below 34 dollars a barrel, according to AFP.

As at 21.12 GMT April futures price for North sea petroleum mix of mark Brent has decreased on 5,67% — to 33,95 USD per barrel. The price of March futures for oil of mark WTI fell on 6,78% to 31,34 dollars per barrel.

According to the economist at Capital Economics Paul Ashworth (Paul Ashworth), the Outlook for commodity prices will remain negative for the next few months. This, in his opinion, contribute little likelihood of reducing production a number of countries and statistical data from China, writes the newspaper the Wall Street Journal.

Negative impact on the price of oil has statistics from China. The business activity index of the manufacturing sector of China in January fell to 49.4 points from 49.7 points in December. The rate was the lowest since August 2012. The growth of the index above 50 points indicates that recovery in the industry, and a figure below 50 points — the stagnation or decrease of activity.

In addition, the market does not expect a joint reduction in oil production by Russia and OPEC. Earlier the head of Ministry Alexander Novak said that the decline in production in each country within 5% may be the subject of discussion at the planned meeting of OPEC in February, but you need General agreement. However, the Bloomberg after statements of the Russian Minister said referring to the delegates from OPEC that the meeting to discuss a possible production decline is not planned yet.