The price of oil in the Barrel dropped below 71 dollars per barrel, indicate the ICE exchange data.
October futures fell by 2.14 percent, up to 70.8 dollars per barrel, as of 16:40 Moscow time. September WTI futures fell 2.18 percent, up to 68.3 dollars per barrel.
Oil prices remain under pressure due to the outbreak of coronavirus in China, where quarantine measures were tightened in some provinces. This may affect the demand in the country, which is the second largest consumer of fuel in the world.
Earlier it was reported that the Russian government will create working groups “to adapt the Russian economy to the global energy transmission” – a decrease in oil and gas demand against the background of the development of alternative energy. Currently, more than 50 percent of Russian exports fall on fuel and energy products.