The main US stock indices also fell: by the evening of March 18, the Dow Jones fell by 10.77%, the S&P 500 – by 9.78%, and the NASDAQ – by 8.3%.
Oil prices have been falling since the beginning of the month, after it became known that the OPEC + deal, which limited production, was disrupted. Due to the spread of the coronavirus, oil demand dipped, and the countries participating in the agreement wanted to introduce additional production restrictions to support prices.
During the bidding process on March 17, Brent price increased by 5%, but senior analyst at BCS Premier Sergey Suverov called this growth a “technical rebound.” He admitted that in the next two weeks prices will be kept at $ 25-30 per barrel.
A spokesman for Russian President Dmitry Peskov, speaking about oil prices, said that “I would like it to be higher.” Commenting on Iraq’s proposal to convene OPEC + to discuss measures to stabilize the market, he indicated that Russia would act on the basis of monitoring the situation.