In the international market the price of crude oil has ended with biggest monthly and quarterly losses. The benchmark indices US and Brent futures were faced biggest losses in history.
As per the experts the crude oil prices were slipped down due to coronavirus pandemic and the eruption of a price war between Russia and Saudi Arabia. Global fuel demand has been destroyed by travel restrictions due to the coronavirus pandemic.
WTI settled 39 cents higher at $20.48 per barrel. The US benchmark plunged 54% during March and 66% for the first quarter, the worst declines since the contract’s inception in 1983. May Brent crude futures ended the session 2 cents lower at $22.74 a barrel ahead of expiration. The international benchmark fell 66% in the first quarter and 55% in March, the worst quarterly and monthly percentage declines on record. The more-active June contract LCOM0 settled 7 cents lower at $26.35 a barrel.