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Crude Oil fails to perform because of Covid-19 – Why?

Covid has let down many business and one such is crude oil.

As reports said on Monday there was a huge loss in crude oil business, profits almost falling for like 2 per cent because of the covid-19 infections which are happening all over the world.

The most concern is of the United States and Europe because most of the demand was from there and everything is in a bad shape now because of covid.

The situations are bad even because there is a whole new number of covid infections reported in the last couple of days.

In France the cases reach up to 50,000 on Sunday which is a sign of risk for the people.

On Friday, Libya’s National Oil crop said in almost a month the production will reach I million barrels per day.

But because of the recent spike of new coronavirus infections in the United States and France has created a cause of tension between these people.

OPEC+, a grouping of producers including the Organization of the Petroleum Exporting Countries (OPEC) and Russia is all set and ready to take the production of 2 million from 20121.

Last week the Russian president also said that he might give permission for this deal because it seems to be a good idea.


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