According to Zmiev, the decline in oil prices means that the world economy "has entered another phase of cooling."

“As we can see, the decline in oil prices is very closely correlated with the coronavirus pandemic, because general cooling, a decrease in economic turnover, a decrease in economic activity in the world, first of all, leads to a decrease in the need for fuel resources: respectively, in gasoline, kerosene , fuel oil, diesel fuel, and this is all oil, ”the expert explained.

The analyst noted that the next decline in oil prices can be strong and long-term.

“That is, oil may drop to very low prices to the point that it will be $ 10 per barrel, $ 5 per barrel, even lower,” concluded Zmiev.

Earlier it was reported that the price of Brent crude oil futures in the course of trading fell below $ 38 per barrel.