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Historic collapse in oil prices and anxiety of 2021

This year was completely different for oil prices, and although global prices ended the year at about $51 per barrel, it covers a year full of fluctuations, as in the month of April, US crude oil prices fell to the depth of negative numbers and Brent prices fell for less than $20 per barrel.

All this came due to the crisis of the Covid-19 virus epidemic and the price war between the oil giants in the world, the Kingdom of Saudi Arabia and Russia, and the rest of the months of 2020 passed in an attempt to recover from the sharp drop in demand for fuel globally due to the epidemic, but the negative drop was less than -40 dollars per barrel in US oil future will not be repeated often in 2021.

Global oil and liquid fuel production decreased in 2020 to 95.25 million barrels per day, down from 100.61 million barrels per day in 2019, and production is expected to recover to only 97.42 million barrels per day next year.

Last April, the Cboe Crude Oil EFT Volatility Index rose to a record high of 517.19, but has since fallen to nearly 40, but still 60% higher than it reached last year at the same time.

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