Coronavirus pandemic have disturbed everything and we all are aware about the fact. Recently it has been seen when the US oil prices crashed on Monday. Yes you have read it right.
The US oil prices have been decreased to an extent because there is no such space available to store the crude despite the output cuts.
In the history, there is no such lowest prices have been noticed. The west Texas intermediate futures for May sunk to -$40.32 and closer -$37.6. Brent crude and WT contract for further months slipped automatically.
Also it is to be said that government is looking forward to launch the furloughing scheme. Also according to the analytics there is a chance that the prices are dropping because of the recent pressure and it will be going to move in opposite direction to oil prices in the International Energy agency is looking forward for Global Oil demand growth and also they have mentioned that it has been not to that much lowest in the decade.
Also, it is a must for everyone to know that due to the Coronavirus outbreak these things are happening all around. US crude inventory was expecting it to rise for the fifth week running but the same has not been happened and now they all are worried that how things will get to be managed and how they will be able to cope up with the ongoing situation.
Things are changing drastically and everyone wants to see the results. It will be going to affect the economy a lot and there will be no come back from it.
It is necessary to take the steps for the future but n chances are there to getting rid of it soon. The government is taking several steps which can make things easier for everyone but this outbreak is letting things get worse only.