MOSCOW, April 4. /TASS/. The price of the Brent oil futures contract with June delivery on the London ICE exchange dropped below $67 per barrel for the first time since December 2, 2021, falling by more than 5% in a single day.
As of 13:11 Moscow time, the Brent oil price had decreased by 4.36% to $67.08 per barrel. By 13:21 Moscow time, the Brent futures price accelerated its decline to 5.08%, trading at $66.58 per barrel, while the WTI oil futures for May 2025 delivery fell by 5.33% to $63.52 per barrel.
The drop in oil prices continues following the April 3 announcement by OPEC that eight OPEC+ countries will accelerate oil production growth in May to 411,000 barrels per day (bpd), up from the originally planned 135,000 bpd.
Experts surveyed by TASS believe that this decision is in line with the balance of the oil market. The situation is sufficiently favorable for the alliance to restore previously reduced production volumes, despite the current price decline.