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Expert: What we are witnessing is the worst in oil market since the Second World War

Category: Economy

Date: 2020-03-19T10:24:51+0000
Expert: What we are witnessing is the worst in oil market since the Second World War

Shafaq News / The oil expert, head of the investment division of Invest Partner, Vladimir Tsubrov considered that the drop in oil prices below the level of $ 25 a barrel witnessed by the markets is now the worst since the Second World War.

"What is happening in the market is caused by an imbalance between supply and demand, and the price of a barrel of oil could fall below the level of $ 20, the situation that we have been witnessing is unprecedented, perhaps since the Second World War," Tsubrov said.

Tsubrov also expected a decline in the Russian ruble as oil prices fell, and the Russian currency is currently trading at the level of 81 rubles to the dollar, after it was the beginning of this year in the range of 61 - 64 rubles to the dollar.

The price of a barrel of oil, "Brent", fell Wednesday below the level of $ 25 a barrel, which is the lowest level since 2003, while U.S. crude contracts tumbled to their lowest level in 18 years.

Oil contracts have lost more than half of their value over the past ten days.

Goldman Sachs said that global demand for oil by the end of March may drop by between eight million to nine million barrels per day, indicating that oil prices may continue to decline in the coming period.

The fall in oil prices accelerated this month after Moscow and Riyadh failed to reach an agreement on production cuts beyond March 2020, which fueled fears of a major glut in the markets.

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