Oil prices slipped 24% to the lowest of 18 years, settle at $20.37

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Published by Ishan Soni on 19 Mar 2020

The condition of oil in the international market is not finding stability in price. The graph is continuously going down. Recently, oil dropped 24% to an over 18-year low on Wednesday as the pandemic keeps on weakening the demand for crude, and as rising stresses over a worldwide downturn lead to fears of massive losses.

U.S. West Texas Intermediate crude oil fell 24.4%, or $6.58, to settle at $20.37 per barrel, its most minimal level since February 2002. At the low of the day, the prices hit $20.06. It was West Texas Intermediate crude oil’s third weakest day on record.

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International benchmark Brent crude dropped 14.1%, or $4.07, to exchange at $24.67, its most minimal level since 2003. Oil is getting hit on both the market interest side. A log jam in overall travel and transportation business is facing the lowest business bound and it will take at least 8 months to recover from all the losses.

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As oil costs keep on sliding, OPEC-part Iraq on Tuesday asked the 14 member cartel and its partners to conduct a meeting on an immediate basis to handle the current situation of crude oil in the international market.

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