Oil Prices At Highest Weekly Drop In 4 Years

Oil Prices At Highest Weekly Drop In 4 Years

The price of barrels of Brent crude oil recorded the biggest weekly drop in the last 4 years. The barrel price of Brent oil, which started at $ 57.85 a week, was traded at $ 50.62 at 16.00 today, with a 12.5 percent drop in weekly value. The barrel price of West Texas (WTI) type crude oil, which was traded at $ 45.80 at the same time, fell 12.9 percent week on week. The barrel price of the crude oil in question was opened on Monday at $ 52.60. The barrel price of Brent crude oil has been the biggest percentage drop on a weekly basis since January 2016, and the barrel price of WTI crude oil since December 2008. On the other hand, the barrel prices of both oil types have been at the lowest level in the last 14 months. The new type of coronavirus (Covid-19), emerging in China and spreading around the world, negatively affects the global economy and oil demand. Low oil demand around the world causes an increase in the excess supply in the global oil market while continuing to put downward pressure on oil prices.