US oil prices were falling by 14% today on the opening of the Asian market, as a major investor began shorting futures contracts to buy black gold.
The price of a barrel of “light sweet crude”, or WTI, US crude, fell 14.8% to $ 10.88, after losing a quarter of its value the previous day, amid continuing concerns about storage capacity.
The price of a barrel of North Sea Brent crude in the international market fell 4.4% to $ 19.10.
The continuing fall in prices and fall in demand is attributed to the restrictions on transport and economic activity imposed from end to end on the planet, as part of an effort to limit the spread of its pandemic.
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