Prices for oil may remain low for several quarters before it was expected before the onset of coronavirus. This is stated in a study conducted by the European Central Bank.
The new studies were conducted by 57 experts from March 31 to April 7 this year. The new forecast provides data for 2022. “Oil prices were expected to fall by $ 30 / barrel in the second quarter of 2020, down 50 percent from a year earlier,” he said. That being said, “the study said.
Over the past month, oil prices have been extremely volatile, amid a recent decision by the Coronavirus Pandemic and OPEC +.
As a result of trading on May 4, 2020, the price of oil on the oil exchanges of the world’s leading London and New York increased.
In particular, the price of Brent oil at Inter Continental Exchange Futures Europe (ICE Futures Europe) in London was $ 27.20 (+ 0.76) per barrel.
At the New York Mercantile Exchange (NYMEX) in New York, the price of Light Sweet oil was $ 20.39 (+ 0.61) per barrel. Source: Union of Oil Importers