Crude oil prices fell to an 18-year low, relative to Brent crude for June delivery, driven by concerns of a further drop in global demand.
Global oil markets fear the repetition of the crisis in the collapse of the US crude contract pricing in May, Monday, over the June 2020 contracts, in the absence of any indications of high demand for crude.
The Black Monday, which witnessed the collapse of the price of US crude contracts to (-40 dollars) per barrel, became an obsession for speculators in the crude markets, after the high bidding contracts were met by a depletion in demand.
By 11:03 GMT, Brent crude for June delivery fell 20.1 percent, or $ 5.3, to an average of $ 20.6 a barrel.
US West Texas Intermediate crude for June delivery, too, fell 23 percent, or $ 4.2, to $ 15.7 a barrel.
And starting from next May, the implementation of the decision of the “OPEC +” coalition to reduce production by 9.7 million barrels per day, which is the largest agreement on crude production in the history of the oil industry.
And OPEC estimated in its monthly report last Thursday that April would witness the worst contraction by 20 million barrels per day.
The International Energy Agency said, on Wednesday, that the demand for crude oil will decrease by 29 million barrels per day during April, which means a decline of 29 percent of the total demand before the Corona pandemic, which amounts to 100 million barrels per day.
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