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Oil Prices Shrink 5% as Brent Crude Settles at $ 24.93
28 March 2020
Despite the whopping government stimuli packages around the world,
oil prices continued its down trend in Friday’s session as demand on
fuel tumbled due to the spread of coronavirus.
Prices of both benchmark crudes were down by two thirds since the
beginning of the year, whilst plunging economic activities and declining
demand on fuel due to the spread of coronavirus pushed oil and power
corporations to
curtail their investments in the sector.
Brent Crude fell last week by $ 1.41 (5.35 percent) to $ 24.93 per
barrel on settlement, whereas the crude futures decreased 8 percent.
US Crude closed on a decline of 4.82 percent ($ 1.09) to $ 21.51
falling more than 3 percent over the week.
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