A slight rise in oil prices after falling to the lowest level in 18 years

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Oil prices recorded a slight rise on Thursday, after the decline of Texas Intermediate crude barrel to its lowest level since February 2002, following expectations of a decline in global demand for black gold.The price of a barrel of Texas oil fell below the threshold of twenty dollars on Wednesday, but it rose again to 20.3 dollars on Thursday morning, an increase of 2.16 percent.

As for the price of a barrel of Brent North Sea oil, it increased by 2.35 percent to 28.34 dollars.On Wednesday, the International Energy Agency predicted that the global demand for oil would collapse by 9.3 million barrels per day this year due to the international economic paralysis caused by the outbreak of the new Corona virus.

And the agency considered in its monthly report that this “historic” collapse will restore global oil consumption to the level it was in 2012, which is about 90.6 million barrels per day.

Oil prices collapsed due to the global economic slowdown as a result of the Covid-19 epidemic and the price war that broke out between Saudi Arabia and Russia. The major oil-exporting countries reached an agreement on Friday.





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