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.