Oil price crash finds no ground


Madrid

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Oil cannot stop its collapse. Today, the Brent rate closed on the London market at $ 22.84 a barrel, which represents a 8.24% drop compared to last Friday and its lowest price since 2002.

The price of Texas intermediate oil (WTI) fell 6.6% today and closed at $ 20.09 a barrel, its worst figure since February 2002.

Fears that global oil demand will continue to fall as the coronavirus pandemic progresses takes its toll on the markets. In addition, production cuts by OPEC and its allies end on Wednesday, which could add more oil to already saturated markets.

Brent started the year at $ 66 a barrel, accumulating a decrease of 65%. In the last three weeks alone, the fall has been 54%.

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