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World oil prices are down again



WTI oil prices has fallen below USD 40.    



02.Aug.16 3:50 AM
By Egor Doronin
Photo INNOV.RU

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World oil prices are down again
On the 1 of August world oil prices have suffered a severe drop. WTI oil price have plummeted below a psychologically comfortable level of USD 40. Last time that happened on April the 20th.

By evening October futures of Brent oil have lost more than 3,5%. The price settled at USD 41,98 per barrel.
WTI is down by 3,89%. WTI price reached USD 39,88.

Experts blame this extreme price drop on oversupply in global market. It makes the suppliers decrease prices.

Saudi Arabian Oil Co has dropped export oil prices for the whole region. At the same time the US are increasing domestic oil export. Russia is following suit. All these factors contribute to the global oil prices decrease.



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