Oil prices have fallen to the lowest level in more than a month on news of a record from 1940-ies the decline of the American economy, writes Bloomberg.
American raw materials WTI on Thursday, 30 July, fell below $ 39 a barrel, after losing 6 percent from the closing level of the previous trading day. At the time of writing us crude oil rebounded and is trading at the level of 40.3 per barrel, according to data the London exchange ICE.
The cost of Brent on Thursday has also experienced a strong drop. Master blend fell more than 5 percent to 41.51 USD. Currently it is trading near $ 43.
Oil fell on the background information about the powerful decline of the American economy for virtually 80 years. In the second quarter of 2020 GDP of the first world economy dipped by almost 33 percent compared to the same period last year. The quarterly decline was 9.5 percent.