Crude Oil Prices are shaking due to uncertainty and growing Coronavirus (COVID-19) threats. Goldman Sachs, a financial and global market watchdog has predicted the falling prices of crude oil which could hit as low as $20 a barrel by the end of 2020.
When Goldman Sachs predicted the future price of oil it was trading at above $50 a barrel, a sudden steep decline in the prices was witnessed after February 20 now the prices dropped by 31% from the past week prices. Today Crude oil hit the lowest price of $25 a barrel in the global market. The price was dropped from $43 to $25 in a single day.
At the time of writing the crude oil was trading at $31.50, financial experts are even speculating the price to hit $10 a barrel. According to the latest reports, Saudi Arabia and Russia are now confronting each other in a price war which would result in further price declines; secondly, the looming threat of Coronavirus also plays a critical role in shaping future prices.
Petrol Prices In Pakistan
In Pakistan, the petrol price was set to Rs.117 per liter when the oil was trading above $50 a barrel, however, the price was reduced in March to Rs.112 after a little decline in the global market. The prices are going to be 5X times less than the previous price which comes to Rs23.4 per liter if the price reaches $10 a barrel. Even if the price is not slashed by the government according to the international market the people would still be able to get the price lower than Rs.50 per liter.
Manager at Research Snipers, RS-NEWS, Digital marketing enthusiast and industry professional in Digital technologies, Technology News, Mobile phones, software, gadgets with vast experience in the tech industry, I have a keen interest in technology, News breaking.