The price of oil is at its lowest level since 1991 Oil prices rose slightly, leaving a week of deep decline, the lowest since 1991, as investors are waiting for Washington to agree to an economic stimulus as a rescue plan for the current situation. The price soared 0.6 percent to $ 22.77 a barrel, while the international crude oil standard is trading at $ 26.25 a barrel.
Prices have been falling for some time now, with the outbreak of Coronavirus suspending business travel and business, while Saudi Arabia and Russia are preparing to boost production. The sharp drop in prices, on the other hand, is exacerbating financial markets, forcing investors to give up risky assets while Coronavirus has hit airlines and services.
But while the National Economic Council has planned an economic stimulus package it will reach more than $ 2 trillion, roughly 10 percent of US economic output, last week, prices fell by 24.4 percent, the worst record at 18 last years.