Oil price collapses to lowest level in 17 years, due to Coronavirus outbreak
By MYBRANDBOOK
Coronavirus has destroyed the world and brought it to a standstill. From daily living to finance, to industries all have come under the wings of COVID-19. Oil prices have fallen by more than half during the past month as companies cut back or close production.
Brent crude fell to $22.58 (£18.19) a barrel at one point on Monday, its lowest level since November 2002.Meanwhile the price of US West Texas Intermediate (WTI) fell below $20 a barrel, which is close to an 18-year low.
In addition to the drop in demand, a price war broke out earlier this month between Saudi Arabia and Russia. The decision came as refineries around the world are processing less crude oil.
Demand for transport has been hammered by grounded airlines and fewer cars on the roads as countries bring in tougher measures to fight the coronavirus outbreak.
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