JAKARTA. The price of West Texas Intermediate (WTI) crude oil continued to decline to US$ 32.99 per barrel, as global financial markets were hit by panic due to the coronavirus (Covid-19)
Meanwhile, the price of Brent crude oil also experienced a sharp decline to US$ 32.99 per barrel.
Selena Ling, an economist at OCBC Bank, said that the decline in WTI and Brent oil prices was caused by market participants' fears. "Because market participants remain unconvinced that relaxation of monetary policy and liquidity injections will resolve the crisis," Ling explained.
On the other hand, oil demand and supply are under intense pressure. Saudi Arabia, as the main exporter, continues to increase crude oil production. (KR/AR)