Why are world crude oil prices falling again?

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Crude Oil Price

Oil prices in the world market began to fall again, according to the British news agency on Friday, the price of oil was recorded at less than 43$ per barrel.

London (Gulf Inside) The British news agency says the reason for the fall in oil prices is the new wave of corona virus around the world, which has led to the extension of lockdown in many countries, many countries decided not to lift the lockdown despite the announcement. Is.

According to the report, although crude oil prices have risen sharply in recent days, which was seen as an improvement in the economy, there are now fears that oil demand may fall again after new cases emerge.

More than 55,000 cases were reported in the United States on Wednesday, setting a new world record in a single day. Unemployment in the United States is expected to rise further after the new cases.

Louis Duscan, of Rested Energy, said that if the trend of more than 50,000 Covid-19 cases for three consecutive days continues, the demand for oil in the region could fall sharply.

According to the latest figures, the price of British crude oil fell by 30 cents, or 0.9 percent, to $42.76 a barrel today.

Similarly, the price of US crude oil has decreased by 44 cents or one point one percent after which the price of US crude oil has come down to $40.21.

The report also said that there was a slowdown in business in the United States due to Independence Day.

 

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