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3/27, 8:46 AM (Source: TeleTrader)
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Russia sees fair oil prices between $45 and $55 pb

A fair price for crude stands between $45 and $55 per barrel, the Russian Ministry of Energy said on Friday. The coronavirus pandemic was the main driving force behind the oil market's fall as it pulled prices down by $25 per barrel, the ministry asserted.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) dragged crude prices lower by $5 per barrel only amid their inability to agree on additional output cuts. Russia believes that a 1.5 million b/pd reduction in OPEC + "would not be optimal in the face of falling demand."

West Texas Intermediate for May settlement traded 0.62% higher at 3:34 am ET, selling for $22.74 per barrel, while Brent for the same month's delivery slid 0.91% a minute later to go for $26.10 per barrel.

Breaking the News / GA