Oil prices fall sharply as Coronavirus darkens demand outlook

Oil prices fell sharply today, with crude oil near an 18 year low and Brent hitting its lowest since November 2002, as the global coronavirus pandemic worsens. Saudi Arabia-Russia price war shows no signs of abating which could also be one of the possible reasons behind. U.S. West Texas Intermediate (WTI) crude futures fell as far as $19.92, near an 18-year low hit earlier this month, and was last trading down 3.77%, or $20.70 a barrel.

With the demand now forecasted to plunge to 15 million or 20 million barrels per day, a 20% drop from last year, analysts say massive production cuts will be needed beyond just the Organization of the Petroleum Exporting Countries (OPEC).

Source: Pro Pakistani