Brent Oil Fell 7% to $ 20 per Barrel
Crude oil futures have fallen amid signs that global stocks are continuing to rise. Market participants fear that raw material producers will not cut production fast enough to fully compensate for the drop in demand due to the coronavirus pandemic.
According to the Ministry of Energy, the decline in oil demand in the world now ranges from 20 to 30 million barrels per day. As the restrictions on movement in different countries are lifted, the demand for raw materials will increase, which stabilizes the situation on world markets. The OPEC+ agreement on a joint reduction in production, which will begin on May 1, will also contribute to this.