Brent crude falls below $74 for the first time since December 2021
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Brent oil futures price on the London Stock Exchange ICE with delivery in May 2023 fell by 5% by the close of the last session to $74 per barrel. This is the first time since December 22, 2021 that this figure has been recorded.
As of 17:55 Moscow time, the price of Brent fell by 5.05% to $73.54 per barrel. Then the price slowed down the decline to $73.72 per barrel.
According to the forecast Bank of Americathe cost of Brent in 2023 will increase to an average of $100 per barrel.
The average price of Brent from February 15 to March 14 was $83.05 per barrel, while the average price of Urals for the same period was $50.80 per barrel. Thus, the Urals discount to Brent continued decline.
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