Price of oil crashes, a massive 30 percent in the Minus

As the cause for the Oil price Crash is the failure of the negotiations of the oil cartel Opec in the so-called Opec+ combined mining countries such as Russia.

Price of oil crashes, a massive 30 percent in the Minus

As the cause for the Oil price Crash is the failure of the negotiations of the oil cartel Opec in the so-called Opec+ combined mining countries such as Russia. In addition, the concern of the impacted before the economic consequence of the Coronavirus crisis. Oil prices have thus fallen to the lowest level since the beginning of 2016.

One Barrel (159 litres) of North sea Brent hit on Monday 32,83 US Dollar. The price was 12,44 dollars lower than on Friday. The price for American crude oil of the variety WTI fell yesterday to 12,44 dollars on 28,84 dollars. Market observers spoke of the biggest percentage slump on the Oil market since the 1991 Gulf war.

Oil prices stabilize

today, Tuesday, the Oil prices stabilize. North sea Brent crude oil costs in the Morning 34,82 Dollar, WTI 31,44 dollars. Also, the stock markets of the Gulf States recorded significant rises of three per cent in Qatar to 6.6 per cent in Kuwait.

Lesne also: The stock market quakes in the News-Ticker of FOCUS Online

Oil price: Opec calls for the tightening of the eligibility limits

The Opec, as a reaction to the economic consequences of the new Coronavirus, on Thursday a tightening of the current funding limits by 1.5 million barrels (each 159 litres) of Oil per day required. But the attempt, with the thrust pressure on Russia and the other partners to exercise failed. Since it was not possible to extend the current funding limit, to the 14 Opec members and 10 partners from 1. April no longer any Limits to hold.

Dr. Jörg Krämer, an expert of Commerzbank, to the disagreement of the funding States: "of Course, there are among the members of the Opec+ long conflicts about how to distribute the burden of necessary production cuts to each of the members. But the dispute at the weekend escalated so, is mainly due to the Coronavirus, the world economy and thus demand for crude oil slows sensitive."

crude oil (Brent) 36,81 USD -9,89 (-21,18%) OTC

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After the oil price decline were the shares of Oil company

After the recent drop in Oil prices, the share of Saudi Arabia's national oil Company Saudi Aramco on Sunday had lost significant value. On the stock exchange in Riyadh, the papers of the world's largest oil Company following a sharp fall in the top 9.4 per cent and closed with a Minus of 9.1 per cent at 30 Riyal (€7.08). Thus, the shares are traded under the issue price of 32 Riyal IPO in mid-December.

Aramco had less than three months ago, so far the largest IPO and the technology-heavy weight Apple replaced as the most valuable company in the world. On the first day of trading on the Saudi stock exchange Tadawul were traded, the share of the state group, at the highest possible rate of 35.2 Riyal. Aramco took through the sale of only 1.5 per cent of its shares initially 25.6 billion dollars. Thus, the company broke the record of Chinese trading platform Alibaba from the year 2014 for the largest IPO.

decline in the price of Oil is Inflation

the Commerzbank expert Krämer looks at the oil price slump an indicator of the massive increase in economic risks. Krämer to the effect: "The fall in the Oil price will affect not only the economy, but also Inflation. The price of Oil remains at a good 30 Dollar could fall, Inflation in the Euro area in may, on the psychologically important mark of 0 percent."

The Commerzbank expects that the European Central react Bank (ECB) on the price of oil decline and its consequences for the economy and Inflation. Krämer: "After the collapse of the Oil price, we expect more than ever that the ECB will loosen its monetary policy at its meeting on Thursday significantly. So you should increase the volume of its bond purchases for a limited period of time of, for example, six months from 20 to 40 billion euros. In addition, we expect a reduction of the Deposit rate by 10 basis points to -0.6 percent." All the important messages to the Coronavirus in the FOCUS Online Newsletter. Subscribe now.

Where is Coronavirus? Real-time map showing the spread of the disease, FOCUS Online/Wochit Where is Coronavirus? Real-time map showing the spread of the disease In the FOCUS Online/Wochit In the

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Date Of Update: 10 March 2020, 13:00

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