MOSCOW (Sputnik) – The price for WTI oil has fallen below $19 per barrel for the first time since 31 January, 2002, trading data showed on Friday.
As of 10.06 a.m. Moscow time (07:06 GMT), the price for WTI futures for delivery in May was falling by 4.28 percent to $19.02 per barrel, while mere minutes earlier it was down to $18.96 per barrel.
At the same time, the price for Brent oil futures for delivery in June was up by 0.86 percent to $28.07 per barrel.
On Sunday, OPEC+ signed a landmark deal that commits member nations to reduce crude oil production by 9.7 million barrels per day from May-June. Thereafter, production will be cut by 7.7 million barrels per day until the end of 2020, and by 5.8 million barrels daily from January 2021 until April 2022.