Covid-19 pandemic spreading like a bush fire had already pushed the world to a brink of a great recession. Whole nations entering into a lock-down and the closure of businesses is cascading against each other creating an unprecedented panic crisis the world had not foreseen.
The Crude prices sank to new depths as the world lock-down caused the lowest demand for oil. A barrel of Brent crude oil now costs 23 US dollars. The world Covid death toll now touched 33,000 as of Monday. The extent of financial lag, the globe is experiencing during the pandemic period is comparable to a world war with the two poles- US and China which control the trade all over the world are affected greatly by the virus.