Oil prices sunk to its bottom marks since 2003 as the expected deal between OPEC and the U.S. failed to take place.
Now, oil trades at $22.27, which is a decline of $1.13 or $4.85% from the previous close of $23.40.
The daily range is from $20.78 to $23.40, while the trading volume is 372.29K.
Both top oil exporters Saudi Arabia and Russia boosted their supply levels that both countries are insisting on could soon put additional falling mode on the prices, as the unabating spread of the COVID-19, which is negatively affecting oil demand levels.
Moreover, American Petroleum Institute Senior Vice President Frank Macchiarola stated the following: “it seems totally irrational that the solution to the disruptive behaviour of Saudi Arabia and Russia would be to imitate OPEC.”