The price of oil is over 40 dollars per barrel. World prices on oil on Tuesday, April 19, are lowering because of the pessimism of investors, which is connected to the continuing excess supply in the market and to the failed meeting of oil producing countries in Doha. At the same time, the price of oil is over 40 dollars per barrel due to reduction of its production in Kuwait because of strikes of the employees.
The cost of June futures contracts of Brent oil on the London stock ICE Futures lowered to 0.35%, becoming $42.76 per barrel on February 8. The prices of future contracts of WTI brand for May in e-bargaining of New York trade stock (NYMEX) have been reduced to 0.19%, becoming 41.13 dollars per barrel.
The day before, the ruble rate fell after the fail of oil producers’ meeting.
As was said previously, the meeting in the capital of Qatar, which was taking place during almost the whole day of April 17, has yielded no results. It happened because of the position of Saudi Arabia, which conditioned the reduction of oil production by Iran, which, in its turn, didn’t accept such requirements and suddenly withdrew from the meeting.
Minister of Energy of Russia Alexandr Novak told that the secretariat of the Doha meeting has prepared the project of agreement on cutting the production; however, a number of oil-producing countries changed their positions and required all the countries to join the agreement, either they are members of OPEC or they are not.