Oil prices recorded a decline to levels not seen since 2002 in light of the collapse in demand for crude oil and the outbreak of the Corona virus.

The price of Brent crude fell to $ 22.58 a barrel on Monday, the lowest level since November 2002.

The price of US West Texas Intermediate crude fell to below $ 20 a barrel, to approach the lowest decline in 18 years.

And oil prices fell by more than half last month, forcing companies to reduce or halt production.