The price of barrel of the Brent brand oil fell lower than $51 for the first time since November 30, 2016

The cost of the future for Brent crude oil with delivery in May, 2017 during trading at the ICE exchange in London fell by 0,92% and constituted $50,83 for barrel. It was proved by data of the biddings, TASS reports.

Oil prices began fall on March 8 practically right after the publication of data by the U.S. Department of Energy about oil inventories in the country. So, according to department, commercial inventories of oil in the USA increased in a week from February 24 to March 3 by 8,22 million barrels, having constituted 528,40 million barrels in case of the forecast of growth by only 1,97 million oil barrels. From March 8 to March 10 the cost of the May future of Brent fell in price almost by 5 dollars. 

The OPEC at the meeting in Vienna agreed on November 30, 2016 about reducing the production on 1,2 million barrels a day from October level - to 32,5 million barrels. That day oil prices of Brent grew more than by 3 dollars for barrel. 

11 countries which are not entering into OPEC approved on December 10 reducing the production totally on 558 thousand barrels a day, including Russia - on 300 thousand barrels. The agreement was signed on the first half of the year 2017.

Related news

2014