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CRUD OIL

CRUD OIL

After the meeting of OPEC countries, oil quotes fell by 50 percent. For the first time in recent years, countries were unable to agree on the amount of oil produced, which led to a drop in prices. There is a version that this was done intentionally in order to strengthen the dollar. All oil is sold exclusively in dollars only and the value of the American currency depends on the price of black gold . The oil market was allowed to drift, which makes it possible for any oil-producing country to create speculation in this market. The situation with Covid 19 and quarantine in most countries stopped the entire world economy. The demand for petroleum products fell several times, which affects an even greater drop in the price of these raw materials.

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