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For more than two weeks, the United States has witnessed a notable drop in the price of a barrel of US oil in all countries of the world, since its price has reached less than $ 43, but it was surprising and unexpected that the price of US barrel of Brent crude oil will rise.
The price of oil today
The price of a barrel of US oil for Brent crude has increased today, reaching 26.67 US dollars, which is equivalent to 100.28 Saudi riyals. As for the previous price, it was approximately US $ 26.48, or 99.56 Saudi riyals, which means that the price of a barrel of US oil for Brent crude oil increased by 5%.
Recently, the United States witnessed a drop in US barrel oil prices. USA Very significantly, especially after the loss of a 98% barrel of oil, and this is the lowest price reached for the price of a barrel of oil throughout history, and that rapid decrease occurred during trade Monday April 20, 2020.
One of the most important reasons that led to a decrease in the price of oil worldwide was the war between Russia and the Kingdom of Saudi Arabia, and the emerging crisis of the Corona virus affected most of the world economically. To overcome this financial crisis caused by all this, OPEC decided that it would reduce oil production to 9.7 million barrels per day. In May and June, this will be the largest reduction in oil production since 2008.
The lowest price for oil historically
The US newspaper CNN also confirmed that the price of a barrel of US oil. USA It has reached $ 0, which is the lowest the price of US crude oil can reach since it began trading on the New York Stock Exchange in 1983.
Reasons for the decrease in oil prices worldwide
The countries of the world recently witnessed the appearance of the new Corona virus, which is a rapidly spreading epidemic and which is not easy to underestimate, but that the countries have taken all preventive and health measures to confront and combat this disease, and try to overcome this stage and overcome the crises and economic stagnation that resulted from this epidemic. Globally, which led to the collapse and fall of world oil prices.
Also, one of the reasons for low oil prices is the presence of a large surplus of oil in the markets, and American companies are saving huge oil reserves, which led many to exploit and sell this surplus due to the increase in its storage prices, which led to the recent collapse of oil and world oil prices.
