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International oil prices fell sharply on Thursday.

Last week, it fell to the negative zone, and it was premature to see if it had rebounded to the ‘V-shaped curve’ for three consecutive days, but it was soon plummeting.

On the New York Mercantile Exchange, West Texas crude for June delivery closed at $12.78 a barrel, down 24.6 percent ($4.16).

It fell to $ 11 as it was pushed by more than 30% in the market.

Brent June crude for the London ICE futures exchange is also trading at $20.04, down 6.53% ($1.40) from 3pm.

It was pushed to $19.11 in the market.

Analysts say that oil prices have been lowered as concerns over storage have increased amid a sharp drop in demand for crude oil and a deepening supply glut due to the new coronavirus infection (Corona 19).

The oil-producing countries will reach a 9.7 million barrel reduction agreement a day from next month, but it is far below the decline in demand due to the Corona 19 incident.

In the market, global crude oil demand is estimated to have fallen by 20 to 30 million barrels a day.

As crude oil inventories continue to grow steeply, there is also a prospect that they will reach a tank top filled with global crude oil storage tanks in the coming months.

This makes it difficult to purchase the quantity beyond the actual demand regardless of the price.

Dan is a software developer with experience in designing, development, and delivery of Android apps. His key skills include knowledge of Core Java, JSON & XML Parsing. He's also a keyboardist. So, either you’ll find him at her desk busy in building mobile apps or at a composing music in his home studio. He contributes his ideas on tech at PressReels as an author. You can contact him at Danreels@gmail.com

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