In the international market, the price of crude oil has slumped again. The price of Brent crude has hitted to the lowest since 1999.
Brent Crude slipped by 24% touched US dollar 15.98 a barrel, its lowest since June 1999. It was trading down US dollar 2.37, or 12% , at US dollar 16.96 . West Texas Intermediate was down 51 cents, or 4.4% , at US dollar 11.06 a barrel.
Oil prices have slumped by around 80% this year as the demand and consumption of fuel slipped down due the Covid-19. Coronavirus outbreak has caused fuel demand to drop by roughly 30% worldwide. Earlier, OPEC has decided to cut down the crude oil production to stabilize the price.