The price for WTI crude oil fell below $30 per barrel

The price of March futures of WTI crude oil during trading on Monday, 8 February, dropped below $30 per barrel, according to AFP.

According to 15:50 GMT, a barrel of oil of this brand is trading at $29,77. In comparison with closing of the previous trading session, WTI lost more than $1 (minus 3.8 percent). The last time WTI traded below $30 per barrel on 2 February.

In parallel, cheaper and Brent crude oil. According to 15:55 GMT, a barrel of oil this brand supplies for March at the auction on the stock exchange in London give $33,05, which is lower compared to the previous auction for more than $1 (minus 2.9 percent).

As noted by Bloomberg, one of the factors of reduction of prices on oil was last Sunday meeting of Ministers of oil of Saudi Arabia and Venezuela in Riyadh. In a statement following the talks made no mention of any steps to stabilize the oil market.

The Agency reminds that last week Venezuela announced that six non-OPEC countries— oil producers, including Russia, Iran and Iraq agreed on an emergency meeting to discuss production cuts.

“The intention of Venezuela to arrange talks between OPEC and non-OPEC countries were doomed from the start”, — said the Agency Eugene Weinberg of the company Commerzbank AG based in Frankfurt am main. “It just shows what is currently desperate from some oil-producing countries,” he added.