The price of oil has been in for the last week for the fifth week in a row it has dropped. The price of a barrel of oil fell to its lowest point since 2003. The price of raw materials declines due to a combination of declining demand as a result of the outbreak of the corona virus, and an increase in the production.
The price of a barrel of Brentolie fell on Friday, with a 5.3 per cent for 24,95 usd (22,34€). U.s. oil was up 4.8 percent and finished the week at 21,51 usd. The price of oil fell to its lowest level since 2003, at the time of the U.s. invasion of Iraq.
The decline in the price of oil began only after the negotiations between the OPEC and Russia are on output stukliepen. Saudi Arabia has unleashed a price war, by the production of oil, with significant discounts on offer. In addition, it decreased the demand for raw materials due to the outbreak of the COVID-19 pandemic.
Due to the lower price of oil falls the price at the pump as well. The average price for a litre of Euro 95 in the Netherlands on Saturday with a 0.2 cent, has dropped to 1,605 euros, writes the consumer platform UnitedConsumers. At the end of February was eur 1.78 eur.
