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Crude Oil Price Record Low 4/20


After a series of soaring days, in the first trading session of this week, the world crude oil prices fell comprehensively. 

This is increasing concern for oil producers as the demand is not guaranteed despite the production cut. 
In the first trading session this morning (April 20), WTI crude oil decreased by 1.37 USD / barrel, equivalent to 7.50% to 16.90 USD / barrel; Brent oil decreased USD 0.11 / barrel, equivalent to 0.39%, to USD 27.97 / barrel.

At the end of the last trading session last week, WTI crude oil decreased by USD 1.60 / barrel, equivalent to 8.05% to USD 18.27 / barrel; Brent oil increased by 0.26 USD / barrel, respectively, 0.93% to 28.08 USD / barrel.

Thus, the session on 20/4 global crude oil prices continue to plunge below the threshold of 17 USD / barrel, this is an unprecedented level since 11/2001. 

According to CNBC, the abnormal oil price has always been at the bottom, partly due to the impact of information released at  TankerTrackers.com: "Saudi Arabia's oil exports to the US have more than doubled since February to March 2020 when oil prices collapsed."

Falling oil prices reflect a perception that OPEC + and Russia's production cuts are  not nearly enough to make up for the increasingly scarce demand, affected by the COVID-19 epidemic.

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