The price of Crude oil drops to lower than $1 a barrel due to coronavirus

Everyone is so worried these days that how they will be able to go to manage in these hard times. Every day some news is coming which focusing on the economy and now the decrement in the US oil prices lets everyone focus on it more. Recently it has been reported that the price of us oil will not get that much decreased till yet after 1986. 

Now this will also be going to settle up a new benchmark. West Texas intermediate, also mention that the prices of crude will plunge much as 44% to hit $10.26 per barrel on Monday morning. It was dismissed lowest in 1986 only.

Everyone is looking forward to see some results after the Coronavirus pandemic will get over. The economic activity globally has become frozen because of it and also no one can witness anything considering to Future.

The price of Crude oil drops to lower than $1 a barrel due to coronavirus
The price of Crude oil drops to lower than $1 a barrel due to coronavirus

In New York, the West Texas intermediate fed up, and the contract began in 1983. They have noticed the weakest level in 1986 according to the Bloomberg report presented. The June contract was trading 8.8% and now no one can notice anything considering it.

This is creating a lot of problems for anyone. The price is predicted to be below $10 but to expect it still here it is quite complicated for everyone to adapt.

The current account deficit of the country is looking forward to inflow and outflow of foreign currency and also they are looking forward to some positivity in the financial year but because of the crude oil prices increment they cannot expect anything good to happen.

Also when it comes to Indian economic growth, it will be also going to crash because of it. Everyone is in hope that things will be changes in the upcoming months but no hope for the same is also there.

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