Brent oil falls to $82.3 per barrel

Benchmark oil prices intensified their decline on March 7 afternoon, Report informs referring to Interfax.

The cost of May futures for Brent on the London ICE Futures exchange fell by $0.63 (0.76%) to $82.33 per barrel.

WTI futures for April in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.6 (0.76%) to $78.53 per barrel.

On March 6, the price of Brent rose by 1.1%, and WTI by 1.3%.

The market was supported on March 6 by the news that Saudi Arabia will raise oil prices in April for supplies to Asia, which is the country’s largest market, MarketWatch reports. In addition, the weekly increase in US oil inventories was not as significant as expected.