The price of crude oil has slipped down in the international market. The price of the crude oil has gone downwards as the major oil producers failed to reach an agreement to reduce production. The price of crude oil was been on a downward rally amid the coronavirus impact spread across the globe.
The benchmark Brent fell by more than 9%, to as low as $45.50 a barrel, lowest since June 2017. West Texas Intermediate crude, the US benchmark, was as low as $41.11 a barrel.
The price of Brent crude has now fallen around more than 30% this year. Brent had touched $71.75 per barrel on January 8 this year and is now trading at $45.50 per barrel.