Historical decline in crude oil price

Historical decline in crude oil price
The corona virus is the biggest challenge for crude producers worldwide. The international market of crude oil has reached deep crisis due to the effects of the epidemic of the Korana virus. American benchmark crude West Texas Intermediate (WTI) saw its worst day in history on Monday.

In the international market, American West Texas Intermediate crude oil prices fell below $ 0 per barrel on Monday - reaching an all-time low of $ 37.63 per barrel. Trading started at $ 18.27 per barrel, but fell to a historic low of $ 1 and then zeroed and later turned negative.

Earlier in the day, when the market was open, the price had dropped to $ 10.34 a barrel, its lowest level since 1986. Due to the Corona virus crisis, its prices are continuously falling due to the decrease in the demand for oil worldwide. Traders said the fall in prices is worrisome as contracts for May delivery will be finalized by Monday evening but no investor is willing to take the actual delivery of oil.

According to Global Standard Time (Greenwich Mean Time), it improved slightly at 3 pm and was trading at $ 10.82 a barrel. It was still 41 percent lower than Friday. Traders said the price drop was worrisome as May delivery contracts were to be settled by Monday evening but no investor was willing to take the actual delivery of oil.

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