New Delhi: In the international market, the price of crude oil has fallen by about 20% in the last one month, with the maximum fall in the last 15 days. The main reason for the recent fall in oil prices has been the outbreak of Coronavirus in China, due to which the economy of China is expected to be affected.
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The April delivery contract for benchmark crude oil Brent crude on the international futures market, the Intercontinental Exchange (ICE), closed at $ 54.45 a barrel on Friday, while Brent closed at $ 65.44 a barrel on January 8 a month ago. In this way, the price of Brent crude has fallen by more than 20% in one month. While when compared to Brent price high of $ 71.75 per barrel on January 8, the price of benchmark crude oil has fallen by more than 30%.
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The American Light Crude West Texas Intermediate (WTI) March delivery agreement on the New York Merke Tile Exchange (NIMAX) closed at $ 50.36 a barrel on Friday, while the WTI closed at $ 59.61 on January 8. In this way, the price of American benchmark crude has fallen by about 20%.
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