The negative black gold performance comes amid growing concerns about global oil demand and slow economic growth Caused by an outbreak of corona virus.
It was announced OPEC Yesterday, it plans to implement an additional reduction in oil production by member states by about one million barrels per day until the end of next June, in addition to reducing supplies by about 0.5 million barrels per day by non-member allies.
But Russia and Kazakhstan, both members of the “OPEC +” group, said they have not yet agreed on the deeper cut, which increases the risk of a breakdown of cooperation that has strengthened Prices Crude oil since 2016.
Investors are closely watching the second day of OPEC members meeting with allied crude producers outside the organization later in the day.
By 10:52 am GMT, the price of US NYMEX crude for April delivery fell 4.2 percent to $ 43.69 a barrel.
Brent crude futures for May delivery fell 4.4 percent to 47.79. Dollars a barrel.