Today, the price of a barrel of American crude fell by 20% to below $ 15 in the Asian market, the lowest level in two decades, in a development resulting from the decline in global demand with the spread of the "Covid-19" epidemic.
The West Texas barrel fell by more than 18.7% to $ 14.84 in the first Asian trade, while Brent North Sea barrel fell by 1.5% to $ 27.64.
Oil markets have fallen in recent weeks to their lowest levels in nearly 20 years, amid closures and travel bans around the world, which have a strong impact on demand.
The "ANZ" bank said in a note that "the prices of crude oil remained under pressure because the expectations of low demand are weighing on the general atmosphere."
He added: "Although (OPEC) accepted an unprecedented reduction in production, the oil market is still overwhelmed with demand."
He expressed concern that "the capacity of storage facilities in the United States may be depleted."