Monday, May 27, 2024

Price Barrels down $15 / Barrel US Oil

The price of a barrel of American oil has plunged below $ 15. That is the lowest level in two decades, mainly because the demand for oil has plummeted due to the corona crisis and because of a price war between Saudi Arabia and Russia on the oil market.

The price of a barrel of American oil in New York fell by almost 19 percent to $ 14.84. The price of a barrel of Brent oil fell less sharply. It fell by 1.5 percent to $ 27.64.

OPEC, Russia and other oil-producing countries agreed earlier this month to cut production by nearly 10 million barrels per day to boost prices. But that has had a little effect yet.

Teodora Torrendo
Teodora Torrendo
Teodora Torrendo is an investigative journalist and is a correspondent for European Union. She is based in Zurich in Switzerland and her field of work include covering human rights violations which take place in the various countries in and outside Europe. She also reports about the political situation in European Union. She has worked with some reputed companies in Europe and is currently contributing to USA News as a freelance journalist. As someone who has a Masters’ degree in Human Rights she also delivers lectures on Intercultural Management to students of Human Rights. She is also an authority on the Arab world politics and their diversity.

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