By:Nadeemy Haded

Oil prices collapsed on Monday in Asian markets, after the deterioration of other financial markets and the worsening crisis of the emerging Corona virus over the weekend.

The price of WTI in the United States lost 5.3 percent to $ 20 a barrel, while North Sea Brent crude fell 6.5 percent to $ 23 for the first time since 2003.

The collapse came as the death toll from the Covid pandemic exceeded 19,000, mostly in Italy and Spain, with a significant increase in the number of injuries in the United States, which recorded about 140,000 cases with more than 2,400 deaths.

The surge in casualties has prompted U.S. President Donald Trump to be less optimistic about a return to economic activity in the United States, although he was stressing that this was possible by mid-April.

Trump's epidemic counselor, Doctor Anthony Fuchi, drew a scary scenario about the development of the crisis, with his estimate that the virus could lead to the death of "one hundred thousand to two hundred thousand people" in the country.

Oil markets began to collapse weeks ago, with governments around the world imposing travel restrictions and isolation measures to contain the virus, and the rise in reserves led to a drop in prices.

Last week, stock markets rebounded and oil prices rose as governments around the world announced massive recovery measures supporting the global economy.

Source agencies

Rate this item
(0 votes)

About us

 Castle Journal is an international newspaper with daily electronic edition, received the international license by the United Kingdom number 10675, and accredited by the Egyptian Embassy in London, owned by Abeer Almadawy

Castle Journal expresses on the free and human voice specialized in the diplomatic, cultural and scientific media, it is eager to create a close relationship with the readers, who is our priority and considers them a true partner.

Castle Journal holds all the permits for practicing its duties of journalism in all countries of the world and the international organizations