WASHINGTON: The crude oil market in the US crashed and for the first time in US history, the price of a barrel of crude oil (158 liters) fell below zero to $ 37.6 a barrel.
According to Express News, where economies around the world are suffering due to the Corona virus, the prices of petroleum products in the global market have been hit hard, which has caused the US crude oil market to crash. US crude oil prices continued to decline negatively in a few hours and WTI crude oil closed at $ 37.6.
After the worst oil price downturn, May deals to buy oil in the US were closed and US oil companies were approaching closure.
The world is moving towards a global economic crisis of 1929, Dr. Qais Aslam
Economist Dr Qasim Aslam said that because of Corona, global transport is shut down and petrol demand has been reduced, demand and shortage of supply will cause the American Oil Company Shell to suffer the most. Fears of a fall, the world economy is moving towards a global recession in 1929.
The sooner the country ends the lockdown, the more oil it will benefit, Dr Salman Shah
Economist Dr Salman Shah said that the demand for oil has dropped sharply all over the world, transport shut down and factories are closed. The benefits will reach those countries who end the lockdown as soon as oil producers. Has a lot of disadvantages.
Experts say global oil prices will benefit Pakistan, experts say
Experts say the storage capacity of crude oil is rapidly diminishing, which has led to the decline in crude oil prices in the US at the lowest level of 4 decades, with oil prices falling further in the global market. Also, prices of petroleum products are likely to drop significantly. If this happens then prices of fruits, vegetables and other commodities may decrease in Ramadan as they will reduce the cost of transportation.