Oil prices continued their decline as US crude prices fell to their lowest levels in 18 years and Brent lost more than 6% yesterday, Wednesday, after the United States announced a weekly increase that is not Preceded in its stocks, while global demand is expected to decline to its lowest level in a quarter of a century due to the pandemic of the Coronavirus.

The numbers undermined the positive sentiments generated by an agreement at the weekend of the world’s oil producers to reduce crude production gradually and to an unprecedented extent, as it made clear that reducing the supply would not suffice to prevent Without stockpiling, stocks are stranded with countless barrels.

According to Reuters, John Kilduff, partner at Again Capital in New York, said the level of crude oil in the system epic, speaking after the issuance of the weekly oil stockpile report from the government American.

And he continued, probably, the most damaging report, if not the darkest, that I have ever seen.

Brent crude settlement price is set at $ 27.69 a barrel, down $ 1.91, or 6.45%.

The US West Texas Intermediate crude oil closed at $ 19.87 a barrel, down 24 cents, or 1.19%.

West Texas scored its lowest close since February 2002.