In the course of trading on the London stock exchange ICE futures price of oil North sea Brent with delivery in may 2017 fell by 0.92% to $50.85 per barrel, thereby updating the minimum since the end of November last year. This is evidenced by the auction.
At this time the cost of may futures for a North American WTI fell to us $48.5.
Oil prices began to fall on March 8 after the publication of government data, U.S. Department of energy on oil reserves in the country and that production cuts by member countries of OPEC and joined the agreement of the cartel States was not sufficient to reduce the supply of oil to the United States. With the 8AT, on 10 March, the price of may futures for Brent fell by almost $5.
At the end of November 2016, OPEC agreed to reduce oil production. The participants of the cartel concluded an agreement on the reduction of 1.2 million barrels per day. Countries that are not part of the organization, including Russia, have also started to reduce oil production by 558 thousand barrels per day.