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Price for WTI Oil Falls Below $19 Per Barrel for First Time Since January 2002

The price for WTI oil has fallen below $19 per barrel for the first time since  31 January, 2002, trading data showed on Friday.

As of 10.06 a.m. Moscow time (07:06 GMT), the price for WTI futures for delivery in May was falling by 4.28 percent to $19.02 per barrel, while mere minutes earlier it was down to $18.96 per barrel.

At the same time, the price for Brent oil futures for delivery in June was up by 0.86 percent to $28.07 per barrel.

On Sunday, OPEC+ signed a landmark deal that commits member nations to reduce crude oil production by 9.7 million barrels per day from May-June. Thereafter, production will be cut by 7.7 million barrels per day until the end of 2020, and by 5.8 million barrels daily from January 2021 until April 2022.