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Crude oil prices slips to more than two-decade lows

In the international market, the price of crude oil has declined to more than two-decade lows on Monday. As per the market experts, this happened as the storage facilities are reaching their limits.

US crude benchmark West Texas Intermediate slipped almost 20%  to below US dollar 15 – its lowest since 1999 . Brent North Sea crude was down 1.3%  at US dollar 27.72 per barrel and West Texas Intermediate plunged  by 14.5% at US dollar 15.62 per barrel.

Earlier OPEC countries has decided to reduce the  output by 10 million barrels a day. But this has  little impact on the oil crisis. As  billions people are forced to stay home the use of fuel has slipped globally.

 

 

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