The decline in the price of crude oil, due to Coronavirus, continues…

The Coronavirus epidemic has pushed the price of crude oil to its lowest level in 31 months, just as investors await the crucial OPEC meeting to be held in Vienna. The Brent international crude oil standard fell well below $ 48.40 a barrel on Monday to hit its lowest level since July 24, 2017. While this was the lowest level in two years and seven months, it was also a 32.5 percent drop since January 8, 2020 when Brent hit $ 71.75 a barrel due to rising tension between the US and Iran. in the Middle East that threatened the region’s secure oil supply. Coronavirus, which has emerged in China and spread quickly throughout the world, has caused weakening economic activity in Asia and lowered oil demand worldwide. Brent crude oil closed last Friday at $ 50.52 a barrel after starting the week at $ 57.85 a barrel last Monday, marking a 12.6 percent weekly decline, the biggest weekly decline since January 2016.