China collapsed oil prices

Oil prices collapsed on fears of a new wave of the coronavirus pandemic after China, one of the world’s leading consumers of raw materials, decided to temporarily suspend classes at schools and universities in Beijing. About this writes Bloomberg.

The cost of the August futures for the supply of the Brent reference mixture by 10:00 Moscow time fell by almost a percent, to $ 40.6 per barrel. During trading on the London Stock Exchange ICE on June 17, it fell to $ 40.03. The cost of the July contract for US WTI oil fell 1.4 percent to $ 37.86 per barrel.

Negatively on oil quotes also reflected information on the growth of stocks in the US last week to a record level. The storages were filled with oil, despite a reduction in the production of raw materials.

The International Energy Agency (IEA) had previously predicted that oil demand would recover as early as 2021. However, the cost of raw materials will return to pre-crisis values ​​only after a few years.

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. (Source: rambler)

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