The Oil is At The 17-Year Low

The Oil is At The 17-Year Low

Oil prices caused the demand for oil to fall rapidly due to the epidemic causing quarantine all over the world, so the oil fell to its lowest level in 17 years. Futures contracts fell 7.6 percent in London to its lowest level since November 2002, while New York crude oil fell below $ 20 a barrel. The physical oil markets have difficulty storing crude oil in an environment where virus restrictions have reduced demand and Saudi Arabia and Russia are preparing to achieve a record quarter-decline, with production increasing and price restriction to expand its market share. Brent for May futures fell $ 1.55 or 6.2 percent on the London-based ICE Futures Europe market to $ 23.38 a barrel at 11:36 am Singapore time. West Texas oil (WTI) fell $ 1.07, or 5 percent, to $ 20.44 a barrel on the Nymex market. Prices dropped to $ 19.92 in the early hours. The contract dropped 54 percent this month and 66 percent this quarter.