Updated .. oil down 6.5% to record lowest settlement since 2002

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direct: Blinked Oil prices rose by more than 6.5 percent when settling Monday’s trading, marking the lowest level in nearly 18 years, with continued concerns about oversupply and a decline in demand for crude.

Pessimism is dominating the rough investors Economic activity around the world has stopped In pursuit of controlling the Corona virus, amid expectations Global demand for crude fell by about 20 million barrels per day.

Oil prices were also negatively affected by the price war between producers in OPEC and Russia, amid increased supplies and lower prices between the two sides, which caused expectations to overstate supply in the market.

Today, US President Donald Trump spoke with his Russian counterpart, Vladimir Putin, as the two sides agreed to hold talks on the oil market at the ministerial level, according to Reuters.

And US companies have closed 40 platforms to cater for oil Last week, with the sharp decline in prices, which negatively affected the feasibility of drilling for rock ore.

Upon settlement, the price of US West Texas Intermediate (NYMEX) May delivery fell 6.6 percent at $ 20.09 a barrel, marking the lowest close for the most active contract since 2002.

During the session, US crude hit a level of $ 19.27 a barrel.

By 6:50 pm GMT, Brent crude futures for May delivery fell nearly 9 percent to $ 22.69 a barrel, after recording the level of $ 21.56 a barrel, the lowest level since 2002.







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