The unprecedented oil market crash this week has put Russian crude under pressure, with the Urals blend falling by almost $6 to trade below $12 per barrel, according to energy information provider Argus Media.
The Russian oil benchmark, the price of which is determined by Brent crude, was trading lower only on April 2, when it dropped to $10.54 per barrel (CIF Rotterdam). That was the weakest level since March 1999. Urals had almost doubled in price a week later, on reports of OPEC+ negotiations.
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