Oil prices on world markets continue to plummet on the background of significant overcapacity in the market and no signs of a decline in production volumes.
The cost of oil brand West Texas decreased by 0.6% to 34,53 USD per barrel, while the Brent crude oil price by 1.5% to 36,34 dollars per barrel.
We will remind that last week the U.S. Congress abolished the effect more than three decades of ban on the export of American oil, and the Federal reserve has raised interest rates, reducing the attractiveness of investment in raw materials.
In addition, data from the U.S. Department of energy showed that inventories of oil produced in the country reached 490,7 million barrels, a record high for this time of year indicator.
Earlier, the member countries of oil cartel OPEC failed to agree on reducing production. In addition, Iran awaits the lifting of sanctions, to enter the world market of oil, which will increase the supply even more.