The price of Brent benchmark crude today, Monday, fell by more than nine percent, to reach its lowest level in four years, on the back of fears that demand will be affected by the global (Covid 19) epidemic.
Morning transactions showed that the price of Brent North Sea crude for May delivery fell to $ 30.56 a barrel, the lowest level since February 2016.
In addition, a source familiar with the matter said that a meeting that was scheduled between OPEC countries and independent producers to hold technical talks next Wednesday in Vienna was canceled.
An agreement to cut production between OPEC and its Russian-led allies, in what is known as the OPEC + group, will expire at the end of this month.
On March 6, OPEC + failed to reach an agreement to further reduce supply of crude or extend the existing agreement, which caused a further drop in oil prices.