Tashkent, Uzbekistan (UzDaily.com) - Oil prices fell sharply on 16 March. The price of Brent crude oil lost 12.7% and fell to US$29.55 per barrel as of 16:31 Moscow time. According to the ICE exchange, this is the minimum value since November 2003.

The cost of the May futures contract for WTI crude oil at 16:32 is reduced by 10.75%, to US$28.32 per barrel.

The fall in oil prices continues due to increased fears of a slowdown in the global economy and falling demand, along with growing raw material production.