Oil prices in the global market at the lowest level of 17 years
Oil prices in the global market at the lowest level of 17 years. Oil prices have fallen further in the global market and have fallen to the lowest level in the last 17 years in the Asian market.
According to news agency AFP, oil prices in Asian markets on Monday have seen a further decline due to the Corona virus-triggered crisis that has engulfed the world.
West Texas prices fell 5.5 percent and were selling at $ 20 a barrel, while Brent was down six percent at 5 percent and was trading at $ 23 a barrel.
According to AFP, the drop in oil prices was due to the death of 30,000 from the Coronavirus and not to an outbreak in Europe and the United States.
US senior scientist Anthony Fossi estimates that the virus could kill one to two million people in the country, while President Trump extended the rules on ‘social distancing’ by April 30. The US president said that “the country will be on the path of improvement by June 1.”
It should be noted that before this he had given mid-April date and said the business would return to normal.
The downturn in the oil market was caused by lockdowns and travel restrictions by states around the world.
In order to prevent the Coronavirus from spreading, many countries in Europe, including the world’s most populous countries, have locked down major cities and banned transport.
According to AFP, despite differences in oil prices, two major exporters on oil production remain in Saudi Arabia and Russia.
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