The price of a barrel of Brent crude oil for the first...

The price of a barrel of Brent crude oil for the first time in the new year, fell below $55

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Photo: Reuters/Pixstream

Afternoon trading on the London stock exchange has seen a sharp fall in the price of Brent crude, which for the first time in 2017 fell below $55 per barrel. WTI crude oil also fell

At the auctions in London the price of Brent crude oil fell below $55 per barrel. The last time the price of oil was at this level 23-December 2016, after which bids were above this level.

In the beginning of the trading session of 9 January, a barrel of Brent cost $of 56.95, during the trading session, the price slowly fell, however, in the end of the day, the fall accelerated and as of 22:45 GMT reached $54,87 per barrel.

WTI also fell: trading opened at $53,77 per barrel by 22:45 GMT, the barrel of WTI was worth $51,93.

Monday, January 9, US Department of energy said that the plan to sell from strategic reserves (Strategic Petroleum Reserve, SRP) oil in the amount of $375,4 million

The funds will go to Finance the modernization of strategic oil storage tanks and pipelines, said the Agency. Purchase requisitions will be accepted until January 17, and delivery will be made in March and April.

3 million barrels of oil to be sold from storage facilities in Bryan Mound and Big Hill, and 2 million barrels from West Hackberry storage.