Baku: The price of futures contracts for Brent crude oil, set for June 2025 delivery, has fallen below $64 per barrel on London’s ICE, marking the first time it has dipped this low since April 26, 2021.

According to Azeri-Press News Agency, as of 2:09 a.m. Baku time (10:09 p.m. GMT, Sunday), the price of Brent crude was down by 2.41%, settling at $63.97 per barrel. By 2:27 a.m. Baku time (10:18 p.m. GMT, Sunday), the Brent futures contracts experienced further losses, dropping by 3.25% to reach $63.45 per barrel.

In parallel, the futures contracts for WTI crude oil, set for May delivery, saw a decrease of 3.36%, with prices falling to $59.92 per barrel. This downward trend in oil prices follows a recent announcement by OPEC on April 3. The organization stated that eight OPEC+ member countries would increase production in May to 411,000 barrels per day, significantly higher than the initially planned 135,000 barrels per day.

Experts interviewed by TASS suggest that OPEC’s decision is consistent with the current oil market balance. The market conditions appear conducive for the alliance to restore previously reduced production volumes, despite the persistent decline in oil prices.