Washington – The Arabs today

It hit a curse Corona Virus The emerging oil market is killing, and during the past month in March, has seen Oil prices A historical decline in its value, and the first quarter of this year witnessed a very significant decline in its entirety as well, due to the direct impact of the spread of the new Corona virus. And oil prices lost during the first quarter of this year two-thirds of their value, whether American benchmark or Brent crude, and most of the value of the loss came from the declines of the month only, as oil prices in March have only lost about 55% of their value since the beginning of the year. The settlement price of West Texas crude at the end of March scored about $ 20.48 per barrel, and American crude fell 54% of its value during the month of March, and a total value of 66% in the first three months of the year 2020, in its worst decline since the contract began trading in 1983.

While Brent crude contracts for March delivery closed down at $ 22.74 a barrel, the global benchmark crude fell 66% in the first quarter and only 55% in March, in the worst quarterly and monthly decline in percentage terms at all. Record crude oil prices concluded a quarter of a year of volatility with the largest loss ever, as US crude and Brent futures tumbled throughout March due to the stalemate in the global economy caused by the Corona virus pandemic. The global demand for fuel was shattered by the travel restrictions imposed by the spread of the emerging Corona virus “Covid 19”, and major dealers and banks expect demand to decline by 20-30% during April, and continued weak consumption in light of economic activity severely weakening for several months to come. According to “Sky News Arabia,” said Michael Tran, managing director of R energy strategy. In me. C Capital Markets in New York: “Coffed took the oil market hostage, and the unprecedented pace of demand crashes forced refineries, at a global level, to cut production, leaving barrels from the United States to the North Sea to Asia looking, usually unsuccessfully, for shelter.”

You may also be interested

14 European countries call on Ankara and Moscow to “reduce escalation” in Idlib

Turkish President confirms his country’s intention to continue to explore for gas in the “Eastern Mediterranean”

arabstoday

Leave a Reply