Oil continues its prices' decline amid concern in financial markets after the bankruptcy of "SVB"

Oil prices fell more than a dollar on Tuesday, extending losses for a second session, as the collapse of the Silicon Valley bank rattled stock markets and raised fears of a new financial crisis.

OPEC+ to rebalance oil market by further production cuts

OPEC+ countries that declared a voluntary oil production reduction from May until the end of 2023 want to stabilize the global oil market and have a surplus, Alexander Potavin from Finam told TASS.

The fall of oil prices to its minimum since the beginning of the year

Starting this morning, the price of Brent oil in global markets began to decline sharply. The initial hit of $80 sent shockwaves through global markets, but the drop in oil prices continued, and at present, the cost of one barrel of oil of this brand is less than $79.

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