Brent Oil Price Falls Below $60 for First Time Since January 2019

Brent oil price fell below $60 per barrel on Wednesday for the first time since the beginning of the year.

The slump comes as the US Department of Energy has published a weekly report on the country’s oil reserves. According to the report, the reserves have increased by 6,77 million barrels and make some 483,26 million barrels.

Late last year, analysts from Swiss investment banking group Julius Baer suggested that Brent crude price will remain within the $60-$80 per barrel in 2019.

Last week, Maj. Gen. Yahya Rahim Safavi, a senior military adviser to Iranian Supreme Leader Ali Khamenei, warned that an armed clash between Iran and the United States in the Arabic Gulf would lead to an immediate jump in oil prices to above the $100 a barrel mark.