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Oil falls to $ 32
Monday 09, 2020 2020 09:16 | Economicreadings: 40
[rtl]Baghdad / Nina / Oil prices fell more than 30% in trading today, Monday, after "OPEC" failed to reach an agreement with its allies regarding production cuts, and Saudi Arabia's decision to reduce oil prices and its intention to increase production.
Brent crude futures fell world record by 28.69% to $ 32.28 a barrel, the lowest level since February 2016. West Texas Intermediate U.S. crude fell by 31.35% to $ 28.33 a barrel, the lowest level since February 2016.
Saudi Arabia had announced Earlier, reductions in the price of its oil for the month of April, as media reports talked about the kingdom's intention to increase its production of crude oil to more than 10 million barrels per day.
These developments in the oil market are attributed to the failure of the "OPEC +" coalition last week to reach an agreement to reduce oil production, after the decline in demand due to the outbreak of the "Corona" virus.[/rtl]
Brent crude futures fell world record by 28.69% to $ 32.28 a barrel, the lowest level since February 2016. West Texas Intermediate U.S. crude fell by 31.35% to $ 28.33 a barrel, the lowest level since February 2016.
Saudi Arabia had announced Earlier, reductions in the price of its oil for the month of April, as media reports talked about the kingdom's intention to increase its production of crude oil to more than 10 million barrels per day.
These developments in the oil market are attributed to the failure of the "OPEC +" coalition last week to reach an agreement to reduce oil production, after the decline in demand due to the outbreak of the "Corona" virus.[/rtl]
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