Russian Crude Urals Falls Below $19 Per Barrel On Wednesday First Time In 18 Years - Argus

Mohammad Ali (@ChaudhryMAli88) Published March 19, 2020 | 07:10 PM

Russian Crude Urals Falls Below $19 Per Barrel on Wednesday First Time in 18 Years - Argus

MOSCOW (UrduPoint News / Sputnik - 19th March, 2020) The price of Urals oil blend for delivery to North-Western Europe fell below $19 per barrel, the lowest since February 2002, the Argus agency reported.

Urals fell by $5.25 to $18.64 per barrel (CIF Rotterdam), the lowest since February 2002, the agency said.

It noted that the prices had been pressured by information about the expected increase in Urals shipments from Baltic ports in the period from April 1-5 by 25 percent month-on-month, to about 2 million barrels per day. In addition, the price declined on earlier reports about Saudi Aramco's decision to sharply reduce contract prices for April deliveries.

On Wednesday, benchmark Brent crude fell below $25 a barrel for the first time since May 2003. Urals is usually traded at a discount to Brent.

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