Crude oil prices drop due to economies slowing down
Despite the optimism about the coronavirus vaccines, the world market for oil is witnessing a sharp decline in crude oil prices due to a significant increase in the number of coronavirus infections and deaths.
This is due to the assumption that economies will slow down due to the coronavirus expansion and demand for petroleum will drop.
Accordingly, the price of a barrel of Brent crude fell to US$ 44.17, while a barrel of U.S. W.T.I. oil was US$ 41.53.
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