Oil prices slipped to a new 17-year low

Oil prices slipped to a new 17-year low

access_time2020-03-30 15:03:31

Brent prices slumped to a 17-year low amid concerns about the impact of coronavirus lockdowns in oil demand.

The International Energy Agency head Fatih Birol warned that global oil demand could be cut by a fifth due to the most recent efforts to contain the Covid-19, and called on major producers to help to stabilize oil markets.

Oil prices have been recently under pressure as Saudi Arabia engaged in an all-out price war early this month by increasing output and slashing pricing for its crude. Brent crude dropped more than 8.5% to trade around $22.8, its lowest level since 2003 during morning trade in Europe.


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