Crude oil crashes to 21-year low as demand shrinks

In the global market, crude oil prices fell to the lowest level after which the crude oil market in the US crashed.

According to details, the crude oil market in the US crashed, after which the price per barrel of crude oil fell below $ 2. The price of crude oil fell by 91%. WTI crude oil prices went negative for the first time in history, while WTI crude oil prices reached $ 0.01.

On the other hand, oil prices went negative in Canada, after which oil companies sought help from the government. On Monday, the price of a barrel of Western Canadian oil fell to minus $ 15.

Economist Muzammal Aslam, speaking at ARY News’ program Eleventh Hour, said that falling oil prices would not matter to the US economy.

He said that oil prices seem to be 85% of the world at home. The delivery and storage of oil in the world is expensive at present. The oil producers are ready to give free oil at this time.

Economist said today prices are low to this extent the total price will be high again. Pakistan has not imported oil for over a month. The consumption of oil in Pakistan is very low at this time. If the oil is bought today and imported for the next 10 days, it will be good.

According to Muzammal Aslam, the biggest thing is oil storage. Oil delivery is also very important. Most of the losses will be to Arab countries due to falling oil prices. Arab countries rely on oil.

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