Brent oil price at the auction on August 11 sharply fell by two percent in seven minutes. By 14:22 Moscow time, October futures dropped to 69.81 dollars (minus 1.1 percent), the data of the London Exchange ICE.
Oil fell due to the United States. According to CNBC, Washington called for OPEC countries and their allies to grow raw material production to keep the rise in gasoline prices. The White House is confident that increasing production of 400 thousand barrels per day, which participants in OPEC +, “simply not enough”.
Over the past month, the cost of oil dropped by almost ten dollars compared with July highs. Investors are nervous that in China has imposed a restriction on railway and air transportation, and in Australia, Japan and the United States there were records for infection with the new strain of coronavirus.
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.