The price of Brent fell below $89 per barrel
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World oil prices accelerated the fall, and the cost of futures for Brent crude on the London Stock Exchange ICE Futures fell below $89 for the first time since October 4.
The fall in prices may be caused by news that the US presidential administration is going to release 15 million barrels of oil from the strategic reserve. This was announced this morning, October 18, Bloomberg. According to the publication, energy traders expect the Biden administration to continue to release reserves in the near future.
This measure is the US response to the decision of Saudi Arabia reduce oil extraction. On October 5, the OPEC+ countries agreed to reduce daily oil production by 2 million barrels, explaining this by economic reasons. This decision caused a sharply negative reaction on the part of American officials, who regarded this step as meeting the interests of Russia.
Details – in the publication “Kommersant” OPEC+ dried up its sleeves.
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