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.
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.
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.