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Brent crude fell below $ 26 a barrel, the first time since September 2003, to confirm expectations of a decline in global demand for raw materials due to the measures taken by the authorities regarding the coronavirus, according to trading data.
Beginning at 19.20 GMT, May North Brent crude futures fell more than 9%, to below $ 26 a barrel, and May futures West Texas Intermediate By 10.72%, to $ 24.4 a barrel.
Analysts at Goldman Sachs Bank, according to Reuters, said: “The decline in demand for oil due to the spread of Corona viruses has become more evident.” They also predicted Brent’s price would drop to $ 20 this quarter.
AndThe price of a barrel of oil was The West Texas Intermediate brand has fallen below $ 27 for the first time since February 14, 2016. The price for West May oil futures for the West Texas Intermediate brand was $ 26.16 a barrel, down 4.24 percent.
And oil prices fell for the third consecutive session, today, Wednesday, to record a decline of 17% since the beginning of this week with the deterioration of expectations for fuel demand to appear darker amid a halt to the movement of travel and social activities due to the global epidemic of the Corona virus.