Amid concerns of investors about the global glut of raw materials market, the March futures price for North sea petroleum mix of mark Brent has fallen to 30,69 dollars per barrel.
MOSCOW, 12 Jan. The price of oil WTI for the first time since December 2003 fell below the psychological mark of us $ 30 per barrel amid concerns of investors about the global glut of the raw material market and the strengthening of the us currency, according to AFP.
As at 22.15 Moscow time the March futures price for North sea petroleum mix of mark Brent decreased by 3,73% to 30,69 dollars per barrel. The price of February futures for oil of mark WTI fell on 4,08% — to 30,13 dollars per barrel; earlier in the course of trading it had reached 29.96 USD per barrel — the lowest level since December 2003.
Oil prices fall steadily for about 18 months because of the glut in the oil market and a high level of production of “black gold”. The rising dollar and falling stock markets worldwide, particularly in China, has raised questions about whether the demand grows fast enough to outweigh the offer.
The strengthening U.S. currency makes oil and other dollar-denominated commodities more expensive for holders of foreign currencies, and commodity prices fall. The dollar index (the dollar against a basket of currencies of six major U.S. trading partners) at 22.15 Moscow time grew by 0.10% to 98,92 item.