Global oil prices fall over 5%

Global oil prices accelerated the fall - at a rate of about 5% on March 28 afternoon, Report informs referring to the auction data.

The price of June futures for Brent crude fell by 5.02% to $111.34 per barrel.

May futures for WTI fell 5.54% to $107.66 per barrel.

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Global oil prices decreased on March 28 morning after rising by 1.3% on March 25, Report informs referring to the auction data.

The price of June futures for Brent crude fell by 2.63% to $114.28 per barrel, May futures for WTI fell by 3% to $110.48.

The oil market saw a corrective decline in prices on March 28 morning, following a jump in the trading day earlier. March 25 growth in prices was fueled by news of an attack on Saudi oil facilities. An oil distribution station in the north of Jeddah was attacked by a rocket projectile on March 25 evening, and the Al-Mukhtara power station in the Jizan region was shelled from a grenade launcher. The Yemeni Houthi rebels claimed responsibility for new attacks on the territory of Saudi Arabia.

In addition, fears for the oil demand due to the aggravation of the coronavirus situation in China, which is the world's largest importer of this raw material, contribute to the decline in oil prices.

Nevertheless, the cost of oil remains at a high level.

Several of the catalysts supporting a further rise in oil prices remain in place, including the stalemate in the Iran nuclear deal and any escalation in attacks on Saudi oil facilities, analysts told the Wall Street Journal.