In the United States the price of crude oil fell 13 percent to $ 21.65 a barrel, the lowest in 18 years; it closed at $ 22.76 a barrel.
The decrease is due to travel restrictions imposed to limit coronavirus contagion (SARS-CoV-2) which have made oil less popular worldwide: the roads are deserted and many airlines have also suspended their flights, some indefinitely. According to the Bank of America, world oil consumption is likely to drop by 12 million barrels in this quarter. Meanwhile, Saudi Arabia and Russia are producing a lot, helping to bring the price down.
In January, the cost of oil in the United States had peaked at $ 63.27 a barrel.
