The President of the United States Donald trump reacted with approval to the fall in global oil prices.
“Good for consumers, fuel prices decline,” wrote trump on his Twitter feed.
Oil is cheaper on Monday, more than 25% after the collapse of the deal, OPEC+ and the decision of Saudi Arabia to increase production of raw materials and lower prices, despite the decline of demand for hydrocarbons on the world market. Futures on Brent crude oil are reduced by 26.5% and reached at 9:30 am GMT $33,3 for barrel. WTI is trading around $29,8 per barrel, falling by 27.5%.
At the end of last week, OPEC and Russia failed to agree on the preservation of the transaction to limit the extraction of raw materials. After that, Saudi Arabia has decided to reduce the prices of their supplies and to increase production, to increase its market share. In the oil market, however, has long been oversupplied, has intensified because of the epidemic of the coronavirus.