Oil Price Crashes to $30 Per Barrel over Coronavirus
The dreaded Coronavirus (COVID-19) has hit hard on oil prices going as low as $30 per barrel.
Agency reports have it that demand for crude oil has gone down in the international market in what has also led to cut in production level by Organisation of Petroleum Exporting Countries (OPEC).
It was gathered that the prices continued to go down as at Sunday night as OPEC could not agree on a number of deals with associates on possible production cuts.
The benchmark Brent crude futures was $32.05 per barrel, a drop of 30 percent, while the United States’ West Texas Intermediate went down by 27 per cent to $30 per barrel.
It was reported that this has been lowest level since 2016.
Incidentally, Nigeria’s 2020 budget was for a benchmark of $57 per barrel.
Coronavirus has been so ravaging in many countries which have also introduced a number of measures to check the disease.
So far, 23 suspected cases have been identified in Abuja and four other states.
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