Oil prices fell sharply on Monday, as US crude fell briefly to less than $ 20 a barrel.
Brent crude reached its lowest level in 18 years in light of fears of a continued global closure and a further decrease in fuel demand due to the Corona virus.
According to Reuters, global benchmark Brent crude fell $ 2.08, or 8.3 percent, to $ 22.85 a barrel by 1127 GMT, after falling earlier to $ 22.58, the lowest level since November 2002.
The US West Texas Intermediate crude fell 1.11 dollars, or 5.2 percent, to 20.40 dollars a barrel. Earlier in the session, crude fell to $ 19.92 a barrel.
Analysts said that the price of oil is currently very low, which makes the continuation of the work of many companies unprofitable, and producers who have high production costs will have no choice but to stop production, especially given the stocks are almost full.
Goldman Sachs analysts said demand from passenger and airline traffic, which accounts for around 16 million barrels per day of global consumption, may never return to previous levels.
