The oil barrel quotation use as reference by the Organization of Petroleum Exporting Countries (OPEC) reached, on Wednesday, a level of 29.71 dollars, falling below 30 dollars for the first time after 5 April 2004, the organization announced.

“A strong US dollar and concerns about demand and abundant supply puts pressure on the oil prices”, explained analysts at Commerzbank, writes Agerpres.

The sharp fall in China’s financial market, the largest oil consumer in the world, coupled with extremely high levels of oil deposits in the US, draws the American oil quotation to the minimum of the past 12 years, after a depreciation of 5.5% of the level of trading on the US market.

WTI quotation (West Texas Intermediate) is close to 30 dollars, a trend that will be followed by the European market benchmark, Brent quotation. UBS analysts estimate a quote even lower than 30 dollars per barrel.

On Thursday, a barrel of WTI oil with delivery in February reached 32.84 dollars, a level reached for the last time at the end of 2003. From Monday to Wednesday, the WTI price had lost 8.3%. Brent barrel to be delivered in February was on the London market at 32.16 dollars, the lowest level since 2004.

“Most of the world is probably surprised by the level at which the oil is traded. But it could depreciate further, as a result of uncertainty level in this market”, said Statoil general manager for Bloomberg, wrote profit.ro.

Global investment in oil and gas could fall this year to 522 billion dollars, the lowest level in almost six years; in 2015, the investment saw a decline of 22%, to 595 billion dollars.