Glut of oil supply has sent US crude prices to the lowest levels since 1999, as Asian share markets are expecting a busy week of corporate earning report and economic data hoping to drive home the damage that has been done by the corona pandemic.
Oil prices have been under pressure since the spread of the novel virus as the fuel demand has decreased globally due to lockdown impositions in various countries and people fearing to move out. May futures contract for US crude has been trading at $15 per barrel which is low by 15 percent whereas the June contract is trading at $23, lower by 5 percent.
Many US oil producers have decreased their production due to the plunge in the oil prices in recent times by about 35 percent.
Meanwhile, new figures showed the damage to global trade caused by the virus.