New Delhi. Due to the global epidemic of coronavirus, economic activity is stalled all over the world. Due to the Coronavirus outbreak and lack of storage capacity, US Crude Oil on Monday reached its lowest level of more than two decades at $ 15 per barrel.

At the same time, the American standard West Texas Intermediate (WTI) fell more than 19 percent to $ 14.73 per barrel during initial trading in the Asian market. However, later there was some improvement and it reached here at $ 15.78 per barrel. The international standard Brent Crude fell 4.1 percent to $ 26.93 per barrel, although it later improved slightly and was trading at $ 28.11. In recent weeks, the demand for crude oil has decreased worldwide due to lockdown and travel restrictions.

Crude oil has been witnessing continuous sluggishness in the price of crude oil in the international market since the month of the price warmarch. Saudi Arabia and Russia could not reach a consensus on crude oil cuts. After this, Saudi Arabia increased its production by 120 million barrels per day.

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