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World oil prices

Price of WTI oil falls by over 20% to the lowest level since 1999

The price broke the mark of $15 per barrel on the ICE exchange in London

© REUTERS/Lucas Jackson

MOSCOW, April 20. /TASS/. The price of WTI oil on the ICE exchange in London fell by more than 20%, breaking the mark of $15 per barrel and reaching the lowest level for the first time since 1999 on Monday.

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WTI oil price breaks $20 barrier for first time since 2002

At 10:20 Moscow time, the price of futures contract for WTI crude oil with May delivery on the ICE exchange in London fell by 21.8% to $15 per barrel. Earlier, the price of this grade of oil fell by more than 23% — below the mark of $15.

According to analysts, the fall in price of WTI crude oil is associated with the continued accumulation of oil amid falling demand due to the spread of coronavirus infection in the world. In particular, stocks of raw materials are growing in the oil storage in Oklahoma, which is the base for the delivery of futures contracts for WTI crude oil.

The volume of oil located in floating storage facilities in tankers is currently estimated at a record 160 mln barrels.

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