Oil prices continue falling in Friday’s trading. The fall has been observed for 6 consecutive weeks, Brent hitting its 7-week lows.
Brent futures for April settlement dropped to $64.34/bbl by Friday morning, which is 47 cents or 0.73% lower than the previous value. At the same time, 1 contract cost dropped to $64.81/bbl on Thursday evening at ICE Futures Europe, which is 70 cents or 1.07% lower than the previous value.
WTI futures for March settlement dropped to $60.5/bbl by Friday morning, which is 65 cents or 1.06% lower than the previous value. At the same time, 1 contract cost fell to $61.15/bbl on Thursday evening at NYMEX, which is 64 cents or 1.04% lower than the previous value.
Brent hit its lowest since 22 December last year, WTI - since 2 January this year.
According to Commerzbank’s review, oil prices in late January were too high to keep the oil market balanced. Oil production in the USA has been growing so fast that there’s again a probability of a production surplus unless OPEC voluntarily renounces market share.