Covid-19 affects almost all the sectors but it affects the oil sector very badly. Due to the Covid-19 all the countries goes towards the lockdown situation because the death rate was very high due to this virus and it was easily transferable from one person to another.
In this situation the consumption of the oil was decreases as the China is the biggest economy and the country with the most population goes firstly towards the lockdown. All the schools, restaurants and offices were closed for a long period.
Oil prices at international market also goes towards the decline. The main reason behind was that almost all the oil producing countries continue their operation of production of oil. As we know the supply and demand have direct impact on the price of any product. Supply of the Oil becomes high in this pandemic situation but the demand of the oil was very low that decreases the price of oil in the international market.
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