US crude prices fall to 17-year low as coronavirus spreads

As the global demand for crude oil falls Us crude price fell to a minimum

down 84 cents, or 3.12%, at $26.11 a barrel by 0822 GMT, having earlier fallen to $25.83 a barrel, the lowest since May 2003. brent crude was trading down 37 cents, or 1.29%, at $28.36 a barrel by 0650 GMT, after dropping to $28.05, the lowest since early 2006 according to cnbc analyst.

In most oil producing countries and countries depending on crude sale for survival it means worsened economic condition in this crisis and increase borrowing when the crisis is over. Recession looms severely in countries like Nigeria and therefore which other way forward does the future looks for Nigeria and similar countries that depends heavilly on crude oil sale

5 thoughts on “US crude prices fall to 17-year low as coronavirus spreads

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