Oil prices are getting cheaper

- The price of crude oil dropped further on Monday after the loss by more than 3% Friday. Russia and Saudi Arabia are increasing their production, while American producers are also expanding their shale exports.

Brent oil, the standard in Europe, dropped 1.4% to 1.8%, US West Texas Intermediate lost another 2.5%. Futures contracts in China also declined by 5%.

According to merchant bank Morgan Stanley, oil cartel Opec is distributed internally. Saudi Arabia and non-Opec member Russia together want to pump up to a million barrels after criticizing the high oil price of $ 80.

Also read: why is the oil price reduced?

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