The price of oil has fallen to its lowest level since 2002

Oil prices have fallen to unprecedented levels since 2002, as demand for crude oil has fallen due to the coronavirus pandemic.

Brent crude oil, which is used as an international benchmark, fell to $ 23.03 a barrel on Monday, the lowest level since November 2002. The price has fallen more than half in the past month as companies cut or cut oil production.

This has also contributed to a dispute between Saudi Arabia and Russia, which erupted after Riyadh failed to persuade Moscow to cut production. Saudi Arabia, the de facto leader of the Organization of Petroleum Exporting Countries, has agreed with other countries in the group to cut production.

Demand for oil has fallen as many countries around the world have become isolated due to the coronavirus pandemic, disrupting much of the air and road traffic.

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