Global trade the Brent crude and WTI have continued their headlong plunge in early trading Tuesday, hitting record six-year lows.
Brent crude futures fell 2.64 percent to $46.12 in trading on London’s ICE exchange, while WTI dropped by 2.41 percent, plunging below $45 to $44.96 (10:00 MSK). Brent and WTI prices are now at their lowest levels since spring 2009.
The ruble was quick to react to the news, losing more than 2 percent in early trading on the Moscow Stock Exchange. The Russian currency was trading at 64.93 to the dollar and 76.94 to the euro at 11:00 am local time.On Tuesday, UAE Oil Minister Suhail Mohammed Faraj Al Mazroui said OPEC was no longer able to “protect” oil prices.
“OPEC cannot continue protecting a certain price. That is not the only aim of OPEC,” he said at a Gulf Intelligence energy event in Abu Dhabi.“We are concerned about the balance of the market, but we cannot be the only party that is responsible to balance the market,” Al Mazroui said.
Brent crude futures fell 2.64 percent to $46.12 in trading on London’s ICE exchange, while WTI dropped by 2.41 percent, plunging below $45 to $44.96 (10:00 MSK). Brent and WTI prices are now at their lowest levels since spring 2009.
The ruble was quick to react to the news, losing more than 2 percent in early trading on the Moscow Stock Exchange. The Russian currency was trading at 64.93 to the dollar and 76.94 to the euro at 11:00 am local time.On Tuesday, UAE Oil Minister Suhail Mohammed Faraj Al Mazroui said OPEC was no longer able to “protect” oil prices.
“OPEC cannot continue protecting a certain price. That is not the only aim of OPEC,” he said at a Gulf Intelligence energy event in Abu Dhabi.“We are concerned about the balance of the market, but we cannot be the only party that is responsible to balance the market,” Al Mazroui said.
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