​​​​​​​Oil price is at its lowest level in 17 years in light of Corona outbreak

As the death toll from the "Covid 19" pandemic exceeded 30,000, and the world's governments imposed travel restrictions and isolation measures to contain the virus, oil prices on Monday witnessed a major collapse, reaching their lowest levels in 17 years.

The French Press Agency said that after the deterioration of financial markets and the exacerbating of the new Corona virus crisis over the weekend, oil prices collapsed Monday in Asian markets.

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

It is noteworthy that the oil markets began to collapse weeks ago, with the world's governments imposing travel restrictions and isolation measures to contain the virus.

The collapse comes as the death toll from the Covid pandemic exceeds 30,000, most of them in Italy and Spain, with a significant increase in the number of infections in the United States.

The number of injuries in the United States is about 140,000, 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 medical adviser, Anthony Fuchi, predicted on the epidemic a scary scenario about the development of the crisis, estimating that the virus could lead to the death of "one hundred thousand to two hundred thousand people" in the country.

In this context, US President Donald Trump said that more than two million people will die if the government does not take measures to prevent the spread of the Corona virus, so limiting the number of deaths between 100,000 to 200,000 cases is considered "good".

"We are trying to test a new drug for the Coronavirus and we are waiting for the results, and 50,000 test equipment will be provided to diagnose Coronavirus infections," Trump told a news conference.

"We are communicating with other countries and we are getting help from them about their experiences in fighting the Corona virus," the US president added.

"We are working to provide the states with the medical equipment needed to tackle the virus. We have sent a lot of medical equipment to a number of states, and we are mobilizing all of our available capabilities to help the medical teams save the lives of people living with the HIV virus."

Major oil producers such as Saudi Arabia and Russia are also locked in a price war that has led to a rise in reserves, and consequently a drop in prices.



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