Oil prices are falling due to the growth of supply on the world market and investors' fears that the demand for this will slow down.
Oil price The Brent brand has fallen is from 23.25 to 10 October $ 69.64 per barrel, according to the data of the London Stock Exchange.
American WTI oil cheaper ten consecutive days – this is the longest period of falling prices since 1984, notes Reuters. December WTI futures fell to $ 59.84 a barrel.
From the peak of the beginning of October, oil prices have fallen by almost 20%.
It is noted that oil prices are falling due to an increase in supply in the global market. Furthermore, investors fear that the growth in oil demand may slow down.
On August 6, 2018, US President Donald Trump signed a decree renewing Iran's sanctions valid until the signing of the nuclear agreement in 2015. They entered into force on 5 November.
On October 1, Brent crude futures were traded on the London Stock Exchange for $ 84.23 a barrel, the highest since 2014.
According to representatives of the largest trading companies in the world, oil prices will not fall below $ 65 a barrel and could exceed $ 100 in 2019 due to fears that US sanctions against Iran will lead to a shortage of oil .