Oil prices Fall to the lowest level in a year

Today, oil prices have fallen to their lowest levels in more than a year, as the outbreak of the Corona virus has curbed Chinese oil demand, as well as the possibility that OPEC and its allies reduce oil production.

Brent crude futures fell $ 2.17, or 3.8%, to $ 54.45 a barrel, its lowest level since January of last year, and U.S. West Texas Intermediate crude futures fell $ 1.45 to $ 50.12 a barrel, which is also the lowest level since January 2019.

Sinopec Corp., the world's largest importer of crude oil, told its facilities to reduce production this month by about 600,000 barrels per day, or 12%, the biggest drop in more than a decade, and OPEC and its allies are considering cutting 500,000 barrels per day of its oil production.