Oil records largest monthly and quarterly losses in March

Oil prices retreated to record their largest losses ever, as the Brent crude and West Texas Intermediate crude oil futures contracts were subjected to collapse in March due to the outbreak of the coronarvirus epidemic as a benefit of 19 and the outbreak of a price war between Russia and Saudi Arabia.

Brent crude and West Texas crude lost nearly two-thirds of their value in the first quarter of this year in addition to the March losses that amounted to about 55% of total oil price losses after the global demand for oil collapsed.

West Texas Intermediate crude futures recorded $ 20.48 a barrel as the main index fell 54% in March and 66% in the first quarter, the worst decline since 1983 As Brent crude futures fell to $ 22.74 a barrel, the international index fell 66% in the first quarter and 55 % In March, the worst quarterly and monthly record low ever.