Oil is at 17-Year Low
Oil prices have shrunk to the lowest level since 2003, with a political delay in one of the coronavirus rescue packages in the
United States, while
OPEC and
Texas, the largest oil state in the US, are less likely to contract.
While oil futures contracted by 3 percent in
London to near $ 26 a barrel, West Texas oil (WTI) rose after the April contract expired on Friday.
In the U.S. Senate, Democrats blocked the $ 2 trillion economic recovery package that Republicans took in the face of the virus, suggesting that the measures focused on employers rather than workers. These measures will be approved with high probability, but it will take some time to resolve the differences between the parties.