Prices on the oil market plummeted at the start of the week. On Monday morning, prices for crude oil from the North Sea and for US oil each fell by around 30 percent – the strongest percentage drop in almost 30 years.
The failed negotiations between the Opec oil cartel and the producing countries grouped together in the so-called Opec +, such as Russia, are considered to be the cause of the oil price crash. In addition, concerns about the economic consequences of the coronavirus crisis are burdening. Oil prices have dropped to their lowest level since early 2016.
A barrel (159 liters) of the North Sea type Brent last cost $ 32.83. The price was $ 12.44 lower than on Friday. The price of American crude oil of the WTI variety dropped by $ 12.44 to $ 28.84. Market observers spoke of the largest percentage slump in the oil market since the Gulf War in 1991.