Oil price plunges to $11 per barrel

Oil price plunges across the world because covid-19 hard hitting on the economy.

On Monday April 20th,the crude oil price has fallen due to the the covid-19 toll on the economies as every productive activities which stimulates and better the economy are now on hold.
The price which has been decelerating sometime ago due to the abundance of crude oil ,fell further due to the corona virus pandemic.

The price of crude oil fell to $11,crashing almost 40 percent in the crude oil rate,At 8:54 am on monday major crude oil companies prices are already plummeting,The Brent Crude front month was trading down 6.02 percent at $26.39.

According to major producers,the problem of global supply imbalance has begin to manifest itself as production continues relatively unscathed,storage is filing up by the day.
They also said that there is no limit to down side of prices when pipelines and inventories are full.Analyst said the agreement between OPEC and it peers to slash output by ten barrels a day was having better impact because of the virus shutdown enforced by the government because of the covid-19 pandemic.

Buyers in Texas are selling $2 per barrel,because experts say that crude oil producers may begin to pay customers to take the crude barrel off their hands.
The US storage hub have jumped 48% to 55 million since february.the hub has a storage capacity of 76 million as of september 30.

The Rate Of Crude Oil Price In Some Countries;

• West Texas Intermediate= Down 38 percent at $11.04 per barrel. 
• Brent North Sea Crude = Down 6.1 percent at $26.38 per barrel 
• London FTSE-100= Down 0.8 percent at 5,740.37 points.
• Frankurt-DAX 30 = Down 1.4 percent at 10,479.39.
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• Paris CAC 40 = Down 1.3 percent at 4,439.88.
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• Milan FTSE MIB = Down 1.4 percent at 16,824.84.
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• Madrid IBEX =  Down 2.1 percent at 6,733.70.
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• Euro Stoxx 50 = Down 1.4 percent at 2,848.16.
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• Tokyo-Nikkei 225 = Down 1.2 percent at 19,669.12.
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• Honk Kong-Hang Seng = Down 0.2 percent at 24,330.02.
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• Shanghai-Composite = Up 0.2 percent at 2,852.55.
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• New York-DOW = Up 0.3 percent at 24,242.49.
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• Euro/Dollar = Up at 1,0876 at 1,0875.
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• Dollar/Yen = Up at 102.72 yen from 107.74.
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• Pound/Dollar = Down at 1.2454 from $1.2499.
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• Euro/Pound = Up at 87.31 pence from 87.01 pence.