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[size=36]Oil prices are the worst quarterly performance in history[/size]
Economy | 10:49 - 01/04/2020
Follow-up - Mawazine News
Oil prices ended Tuesday's trading, marking its largest quarterly loss ever, as Brent and US crude contracts tumbled in March due to the stalemate that hit the global economy as a result of corona.
The failure of OPEC + countries to reach an agreement on production cuts also contributed to the decline in black gold prices.
The two crude lost about two-thirds of their value during the past three months, and most of the declines came last March in light of the decline in global demand for fuel due to travel restrictions imposed due to corona.
Major dealers and banks expect demand for crude to decrease between 20% and 30% this April, with weak economic activity in the world.
Michael Tran, managing director of energy strategy at RBC Capital Markets, said, "The unprecedented pace of demand crashes forced refineries, worldwide, to cut production, leaving barrels from the United States to the North Sea to Asia looking, to no avail." About Maui. "
The markets received some support from the statements of US President Donald Trump, who said at a press conference yesterday that the United States, Russia and Saudi Arabia will work together to deal with the collapse in oil prices.
On the trading front, a barrel of Brent mix was traded today at 08:13 Moscow time, at $ 22.74, a 0.09% decrease from the previous settlement price, while US crude fell 0.88% to $ 20.30 a barrel. Ended / 29 / p
The two crude lost about two-thirds of their value during the past three months, and most of the declines came last March in light of the decline in global demand for fuel due to travel restrictions imposed due to corona.
Major dealers and banks expect demand for crude to decrease between 20% and 30% this April, with weak economic activity in the world.
Michael Tran, managing director of energy strategy at RBC Capital Markets, said, "The unprecedented pace of demand crashes forced refineries, worldwide, to cut production, leaving barrels from the United States to the North Sea to Asia looking, to no avail." About Maui. "
The markets received some support from the statements of US President Donald Trump, who said at a press conference yesterday that the United States, Russia and Saudi Arabia will work together to deal with the collapse in oil prices.
On the trading front, a barrel of Brent mix was traded today at 08:13 Moscow time, at $ 22.74, a 0.09% decrease from the previous settlement price, while US crude fell 0.88% to $ 20.30 a barrel. Ended / 29 / p
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