Baghdad, Oil prices fell again today, Monday, with the failure of an emergency cut from the Federal Reserve (the American Central Bank) to interest rates in calming the global financial markets afflicted by panic from the rapid spread of the Coronavirus, while adding a price war between major producers to a growing glut in supplies.
Brent crude fell 2.07 dollars to 31.78 dollars a barrel, to continue a decrease of 25% recorded last week in the largest weekly decline since 2008.
And US crude fell 1.38 dollars to 30.35 dollars a barrel after falling to under thirty dollars a barrel earlier in the session despite the pledge of US President Donald Trump to fill the strategic oil reserve from the last in the largest consumer of the world's crude.
Oil prices came under huge pressure on the demand and supply side, as fears of the spread of the Corona epidemic negatively affected demand, while fears of increasing supplies increased after Saudi Arabia raised its production and lowered prices to increase sales to Asia and Europe. This came after OPEC and Russia failed this month to extend an agreement to cut production that has been supporting prices since 2016.
Source: National Iraqi News Agency