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With world running out of storage, crude oil prices in tailspin

city New Delhi state Texas Russia Saudi Arabia Uae covid-19 outbreak economy
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NEW DELHI : Global oil prices continue to be in a tailspin amid nationwide lockdowns to stop the coronavirus (COVID-19) pandemic and a deluge of production from Saudi Arabia and Russia.

With a slowing world economy, the West Texas Intermediate (WTI) touched recent record low of $21.51 per barrel on Friday, while the international benchmark Brent traded at $27.95 per barrel, far below the highs of $147 per barrel of July 2008.

Despite pressures from the Donald Trump administration to reach a compromise with Russia, Saudi Arabia continues with its surplus production targets.

Growing concerns over the COVID-19 outbreak and a growing glut from producers such as Saudi Arabia, the United Arab Emirates and Russia have roiled global crude oil

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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