MOSCOW, April 4. /TASS/. The price of Brent crude oil futures with June delivery on the London-based ICE exchange fell below $69 per barrel for the first time since March 11, 2025.
As of 10:00 a.m. Moscow time, Brent was down 1.55%, trading at $69.05 per barrel. By 10:18 a.m., the Brent futures contract had extended its losses to 1.97%, reaching $68.76 per barrel, while the May 2025 WTI crude futures contract declined by 2.14%, trading at $65.52 per barrel.
The continued drop in oil prices follows an April 3 statement by OPEC, which announced that eight OPEC+ member countries would accelerate production growth in May to 411,000 barrels per day, up from the initially planned 135,000 barrels per day.
According to experts interviewed by TASS, the decision aligns with the current balance in the oil market. The situation is favorable enough for the alliance to begin restoring previously reduced production volumes, despite the ongoing decline in prices.