In the picture, learn about oil price collapses throughout history
20:00 - 10/03/2020
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As the world's attention turns toward the spread of the Corona virus, the oil market has witnessed an unprecedented historical collapse in crude oil prices.
On Monday, March 9, 2020, oil recorded its biggest decline in 29 years, bringing the price of a barrel to $ 30, which led to a 25% drop in oil futures contracts in both New York and London.
The main reason for the collapse in crude prices is the failure to reach an agreement on extending the production cut.
It is noteworthy that the outbreak of the Corona virus in many countries around the world led to the first decrease in demand for crude oil since 2009. Ended 25 Q.