In the New York crude oil market on the 6th, international crude oil futures prices fell due to the view that the supply of crude oil exceeded demand due to the increase in gasoline inventories in the United States, and for the first time in five months, 5 barrel = $ 1 fell temporarily.
In the New York crude oil market on the 6th, the price of WTI futures, which is an indicator of international trading, temporarily fell below 5 barrel = 1 dollars for the first time in 70 months, and fell to the level of 1 barrel = 69 dollars.
The main reason for this was the announcement by the U.S. Energy Information Administration that gasoline inventories had increased on this day, and the view that the supply of crude oil would exceed demand was widespread.
WTI futures prices have been on a downward trend recently following the failure of OPEC Plus, which is made up of major oil-producing countries such as Saudi Arabia and Russia, to agree on additional production cuts on March 30, and several member countries announced voluntary additional production cuts.
A market participant said, "There is an observation that it will be difficult for OPEC Plus to unanimously cut production for the time being, which has also led to a decline in crude oil prices."