The price of May futures for Brent crude oil on the London ICE exchange fell to $69.78 per barrel (-2.59%), according to data from Investing.com.
The last time Brent quotes fell below $70 per barrel was on October 1, 2024. By 19:44 Moscow time, the price of oil slowed its decline to $70.54 per barrel (-1.51%).
Brent oil prices began to fall on March 3. Bloomberg writes that the reason for the decline in quotes was, among other things, the decision of US President Donald Trump to impose duties on goods from Canada, Mexico and China. They came into effect on the night of March 4.
The agency cites the statement of OPEC+ as another reason for the fall in oil prices. The day before, the organization confirmed plans to increase oil production from April. The process will last until June 2026.
