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Money and business
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Dieter spannknebel
Historic collapse of US oil prices USA
The price of a barrel of US oil fell sharply during operations on Monday, by more than 94%, registering the lowest level in its history.
Reuters reported that US crude futures fell 94% to $ 1.04 a barrel. This is the lowest level recorded for US crude, “West Texas Intermediate” in history.
With “Brent” contracts negotiated, at 08:50 Moscow time, at $ 26.43 per barrel, a 5.88% decrease from the previous closing price.
Experts attributed the decline to declining demand for crude oil due to the spread of the Corona virus and the proximity of the United States’ oil deposits to fullness.
The collapse in the oil market occurs amid a state of economic stagnation due to the repercussions of the spread of the Corunna virus and the measures taken to combat it.
The International Monetary Fund warns that putting the world’s economies on a downward spiral will be the deepest thing since the Great Depression of the 1930s.
Source: Agencies
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