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Covid-19: Crude oil prices at 17-year low

In the international market the price of crude oil has plunged into 17-years low. As per the trade experts the rising coronavirus crisis around the globe has caused this. Brent crude oil rate has its lowest since November 2002.

US benchmark West Texas Intermediate fell 5.3% to trade at $20 a barrel, while international benchmark Brent crude was off 6.5% at $23. Brent futures were down 6.7%, or $1.68, to $23.25 a barrel , after earlier dropping to $23.03, the lowest since November 2002.

US West Texas Intermediate (WTI) crude futures fell as far as $19.92, near an 18-year low hit earlier this month, and was last trading down 5.4 per cent, or $1.17, at $20.34 a barrel.

The oil markets have been slammed by decline in demand caused by the coronavirus pandemic and the Saudi Arabia-Russia price war that is flooding markets with extra supply. Demand for oil is expected to shrink 15 million to 20 million barrels per day.

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