Oil prices plunged below 40 dollars a barrel on fears of rising number of cases of infection with coronavirus in the world and information about increasing inventories in the United States. This is evidenced by trading on the London stock exchange ICE.
Oil continued to fall after the close on Thursday, when Brent and WTI slipped 6 percent. By the morning of 25 June, the cost of August futures for Brent crude fell another percent, dropping below $ 40 per barrel. By 8:00 Moscow time the price was at the level of 39,93 dollar.
The cost of the August contract for U.S. crude oil fell 25 Jun 0.8 percent, to 37,72 USD per barrel, according to the auction.
According to Reuters, the U.S. recorded a surge of cases COVID-19. In addition, the increase in the number of infections recorded in China, Latin America and India. Role in the decline of oil also played by the growth of raw material reserves in the US, which has set another record, increasing by 1.4 million barrels last week.