Washington: The crude oil market in the US crashed and for the first time in US history, the price of a barrel of crude oil (158 liters) fell below zero to $ -37.6 a barrel.
According to sources, where economies around the world are suffering due to the Coronavirus, the prices of petroleum products in the global market have been hit hard, which has caused the US crude oil market to crash. US crude oil prices continued to decline negatively in a few hours and WTI crude oil closed at $ -37.6.
After the worst oil price downturn, May deals to buy oil in the US were closed and US oil companies were approaching closure. The world is moving towards a global economic crisis of 1929, said Dr. Qais Aslam.
Economist Dr Qasim Aslam said that because of Corona, global transport is shut down and petrol demand has been reduced, demand and shortage of supply will cause the American Oil Company Shell to suffer the most. Fears of a fall, the world economy is moving towards a global recession in 1929.
The sooner the country ends the lockdown, the more it will be benefitted from the oil, Dr. Salman Shah.
Economist Dr. Salman Shah said that the demand for oil has dropped sharply all over the world, transport shut down and factories are closed. The benefits will reach those countries who end the lockdown as soon as possible, oil producers are the most affected by this. Global oil prices will benefit Pakistan, experts say the potential for storing crude oil is rapidly eroding, leading to the decline in crude oil prices in the United States at the lowest level of 4 decades, as well as lowering oil prices in the global market. There is also a possibility of a significant drop in petroleum product prices; if this happens then prices of fruits, vegetables, and other commodities may decrease as they will reduce the cost of transportation.