The price of futures contracts of Brent crude oil for June 2025 delivery has dropped below $64 per barrel on London’s ICE for the first time since April 26, 2021, according to trading data.
As of 1:09 a.m. Moscow time (10:09 p.m. GMT, Sunday) the Brent price was down 2.41% at $63.97 per barrel.
By 1:27 a.m. Moscow time (10:18 p.m. GMT, Sunday) the price of Brent futures contracts had extended losses to 3.25% reaching $63.45 per barrel.
Meanwhile, the price of futures contracts of WTI crude oil for May delivery was down by 3.36% at $59.92 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.
by TASS NEWS
