As the economy comes to a standstill, energy consumption drops, and there is also the price war among producers. The result: Oil sellers are in a difficult situation these days. Oil prices fell significantly at the start of the week due to the economic consequences of the corona pandemic. A barrel (159 liters) of the North Sea Brent is cheaper than it has been since November 2002. At the time, oil prices had been under pressure following the September 11, 2001 terrorist attacks. On the supply side, there is currently also a price war between Saudi Arabia and Russia, which is putting additional pressure on oil prices.
The Brent price fell early Monday morning by up to just under eight percent to $ 23.03 and has recently recovered only slightly to $ 23.50. This means that the price of Brent oil has declined by almost 60 percent since February 24, when the rapid spread of the novel corona virus has fully affected the financial markets.
Source: Spiegel-online
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