Oil prices of traditional brands continued to decline. The price cuts spurred the fall in stock markets in Europe and Asia and the trade disputes between the US and China. Investors are also wary of further declining demand for oil if the growth rate of the global economy falls. An additional negative factor was the production of American oil and the reduction in the share of OPEC in the fuel market. Oil production in the United States increased by 200 barrels per day and reached its highest level since 1983. In contrast, oil production in OPEC countries has been falling at a record pace in the last two years. Saudi Arabia, Libya and Iran have already reduced their production levels. March Brent futures fell $0.68 to $60.64. February’s futures for WTI crude fell $0.87 to $51.44.
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