How have the Prices of Crude Oil Affected Due to Lockdown?

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Published Jun 18, 2020

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COVID-19 threatens the survival of the modern-day human Homo sapiens. The tiny virus has expanded its active presence across continents, with an impactful footprint in over 175 nations. Petroleum sector, more precisely crude oil, is one of the linchpins of global economy. In December 2019, the appearance of the corona virus in China and the gradual expansion of the epidemic drastically reduced crude oil demand and price.
Lockdown is in effect in Italy, Germany, India, Great Britain, South Africa, and Spain. Corona lockdowns have appealed people to "stay home" and avoid unnecessary travel. Corona effectively limits all modes of movement and thus the transport sector 's oil use is expected to drop dramatically. Additionally, shorter manufacturing and consumer operations should limit fuel usage.

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