Oil prices decline 20% in 2020 due to the repercussions of "Corona"

Demand for fuel has decreased over the past year due to the "Covid-19" pandemic.

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Global crude prices increased, but they lost more than a fifth of their value in 2020 (20%), as the general isolation measures to combat the emerging Corona virus have undermined global economic activity, and pushed oil markets into confusion.

On the last trading days in 2020, Brent rose 17 cents, bringing the settlement price to $ 51.8 a barrel.

US West Texas Intermediate crude increased 12 cents, to settle at $ 48.52 a barrel.

On an annual basis, Brent lost 21.5%, while West Texas Intermediate lost 20.5%.

Prices in 2020 reached their lowest point in April, as demand for fuel collapsed due to the "Covid-19" pandemic.

West Texas Intermediate plummeted to an unprecedented low level at minus $ 40.32 a barrel, while Brent fell to $ 15.98 a barrel, the lowest level since 1999. Prices rose above these levels, and the rate of increase accelerated thanks to market optimism about vaccines.

John Kilduff, partner at Again Capital Management in New York, said: "The first half was exceptional and unprecedented, with what it witnessed from the sharp decline and then the sudden return of the increase."

"Afterwards, it was like watching a painting dry up for several months until October," he added.

Although prices have risen in the last two months, additional closure measures have pressed again on the increase in demand for fuel, and fears have increased due to a new highly contagious strain of the virus.

A monthly opinion poll concluded that oil prices are not expected to make much progress in 2021.

Brent is down 21.5%, and West Texas Intermediate 20.5%, year on year.

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