Brent Oil Price Might Fall till $10 in Pandemic Situation
The Pandemic Corona Virus has not only hit the normal life into lockdown but at the same time it is giving a tough challenge to people to sustain life without earnings.
Now the shop, malls, theatres etc were in lockdown since march last week 2020 due to novel Corona Virus. Daily wages worker are in trauma with the pandemic situation which affecting their daily income and the economy is shaping towards dangerous direction at the current time across the whole world in all the sectors.
Banking sector has got hit recently with EMI Moratorium which have created fear among the Banks for loan collection after the moratorium period which I think can leads a large numbers in NPAs.
Its time for Brent Crude Oil which price is getting more discount at regular basis. With less Brent Oil demand throughout the globe the Brent Oil Price is falling down drastically. And I think Brent Oil Price can come near $10. I would not be surprise if the lockdown continues more it may come down below 10 USD. Now Current Brent Oil Price USD 21.
Its a high time for all to accept the hit all due to Corona Virus. The vaccine still not found which can lead more death case in terms of number. Now the matter is every country want to preserve oil at lower price. But the main point is the storage system is limited for all the country.
To preserve more they need more storage capacitor and the main fact is no one now will show interest to buy at this rate if there is chances to fall down price in Brent oil then why should they buy at higher price. With less demand and more supply can take more pain for Oil Traders.
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