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Brent price drops below $66 per barrel

Brent price drops below $66 per barrel

Brent crude oil continues to fall – its price fell below $ 66 per barrel for the first time since May 21. Analysts attribute this to investor concern about the increase in the number of new Delta strain infected worldwide

The price of Brent oil on the ICE exchange in London fell below $66 per barrel for the first time since May 21 ($64.56), according to data from the London ICE exchange. As of 12:18 Moscow time, the drop was 3.3% – to $65.9. September futures for WTI crude oil lost 3.9% and traded at $62.9 per barrel.

The rapid fall in Brent oil continues throughout the day: as of 10:10 Moscow time, it fell by 1.8% – to $66.96, falling below $67 for the first time since May 24 ($66.47).

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The decline in oil prices is due to investor concern about the increase in the number of infections with the delta strain of coronavirus worldwide, Reuters notes. The publication of the minutes of the meeting of the Federal Reserve System also played its role in the fall in prices, which showed that its leadership plans to begin to reduce the volume of purchases of assets in the coming months, which will negatively affect the commodity market, writes Bloomberg.

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