NEW DELHI : Global oil prices continue to be in a tailspin amid nationwide lockdowns to stop the coronavirus (COVID-19) pandemic and a deluge of production from Saudi Arabia and Russia.
With a slowing world economy, the West Texas Intermediate (WTI) touched recent record low of $21.51 per barrel on Friday, while the international benchmark Brent traded at $27.95 per barrel, far below the highs of $147 per barrel of July 2008.
Despite pressures from the Donald Trump administration to reach a compromise with Russia, Saudi Arabia continues with its surplus production targets. Growing concerns over the COVID-19 outbreak and a growing glut from producers such as Saudi Arabia, the United Arab Emirates and Russia have roiled global crude oil markets, with the build-up affecting US shale oil producers. Goldman Sachs expects crude prices to touch the $20 per barrel mark.
