Oil prices reduced again on Wednesday with Brent falling to the lowest price since 1999. Brent crude ,which fell 24% in the previous session, touched $15.98 per barrel, its lowest since June 1999.
Oil prices have slumped by around 80% this year Covid-19 pandemic which spread across the world. It has killed nearly 180,000 people. routing financial markets and leading to potentially the worst economic meltdown since 1930s slowdown.
The viral outbreak has dropped fuel demand nearly to 30% worldwide and energy companies in the United States, the world's biggest producer, are scrambling to find storage for excess oil.
Date: 22/4/20 Information by Sources.
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