Brent crude oil price down by over 5% to below $27 per barrel

The price of futures contracts of Brent crude oil for May 2020 delivery dropped by 5.34% on London's ICE on Friday to $26.94 per barrel, according to the trading data as of 9:29 pm Moscow time, Trend reports citing TASS.

The price of futures contracts of WTI crude oil is down by 10.7% at $23.14 per barrel.

Crude prices nosedived after Russia and Saudi Arabia failed to agree an extension of crude production cuts after March 2020 when the current agreements expire. Moreover, the former allies intend to substantially boost production in April, which market observers have already dubbed a price war.