Coronavirus outbreak: Oil falls below $30 a barrel, lowest since 2016

Oil prices on March 16 fell below $30 a barrel due to coronavirus outbreak that has affected global ecomy and slowed down growth. According to reports, brent crude fell by $3.80 a barrel to settle at $30.05, while international benchmark fell as low as $29.52, lowest since January 2016. lower oil prices in international market are a result of price war between top producers Saudi Arabia and Russia. 

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Oil prices at a record low

As per reports, Russia and Saudi Arabia failed to agree on a plan to curb supply at recently concluded OPEC meet, following which both countries boosted output to a record level. Media reports suggest that flood of supply coming from Saudi Arabia and Russia could le to largest surplus of crude in history. As per reports, an OPEC meet planned for Wednesday in Vienna has been called off after Saudi Arabia and Russia failed to reach an agreement. 

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US President Donald Trump on March 13 h said that Washington would take vant of low oil prices to fill emergency crude oil reserves. India also took vant of low oil prices in international market as government raised excise duty on fuel by Rs 3 per litre. Central banks all over world took action to prevent ecomic fall out with US Federal Reserves on March 15 slashing its key rates to near zero. However, measures did little to strengn stock markets in freefall, as investors anticipate a sharp contraction in demand in coming weeks anyway. 

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oil prices are also being affected by ecomic slowdown due to coronavirus outbreak which has claimed more than 7,100 lives across world and has infected over 1,82,000 people globally since it first broke out in December 2019. China is most affected country in world as experts believe that virus originated from a seafood market in Wuhan city, epicentre of disease, where animals were reportedly being tred illegally. 

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