Turn down demand because of COVID-19, oil prices suffer drastic decline

Thursday morning, the price of crude oil “Brent” went down to $39 barrel level or 32 percent lower year-on-year, while American standard oil was estimated at $37, the lowest level in three weeks, and more than 6 percent discounts in the daily arch.

Stock developments followed reports from the two largest economies in Europe, France, which for the next month will allow citizens' circulation for only work or health reasons, while Germany will try to contain the second wave of corruption in the country by first interrupting some of its economic and cultural activities.

Information that U.S. warehouses have increased threefold on forecasts of crude untapped oil.

The situation is only expected to deteriorate with the full capacity of production in the plants that have now stopped working due to hurricanes running through the US south.

Facing these circumstances, experts predict that the Oil Exporting Organization will continue to limit the extraction of hydrocarbons, as demand for them is expected to remain low by the quarter of next year.

The gross oil in the world has been depreciated by about 40 percent in a year.