The price of a barrel of oil brand West Texas fell below the important psychological barrier of $ 40 and amounted at the end of the trading session in new York 39,75 USD per barrel. The daily decline was 3.2%.
Brent crude fell 2.5% to 42,74 per barrel.
The cause of the collapse – the decision of the oil cartel OPEC to formally increase the quota for oil production from 30 to 31.5 million barrels a day.
It should be noted that the decision was only a formality, because in September the members of the organization exceeded the official quota and brought production to 31,57 million barrels per day.