Oil prices across the world record another drop, a barrel sells a $31

Oil prices across the world have once again recorded a shared decline after few days of bouncing back.

Currently, the Brent global benchmark is down by 6% resulting in the sale of a barrel at $31.88.

This was after a Saudi-Russian price war and an equities meltdown sparked by the coronavirus pandemic saw their biggest weekly losses in more than a decade.

Last week's price war began after Saudi Arabia and other members of the OPEC oil cartel pushed for an output cut to combat the impact of the virus outbreak.

But Moscow, the world's second-biggest oil producer, refused to prompt Riyadh to drive through massive price cuts and pledge to boost production.

Additionally, the COVID-19 outbreak has contributed to downward pressure as it throttled global equities, with growing concerns over a potential worldwide recession and escalating travel restrictions prompting a crash in demand forecasts.

Meanwhile, fuel prices at the pumps in Ghana are expected to go down by about 10 percent, effective Monday, March 16, 2020.

The Institute for Energy Security (IES) has predicted between 5% and 8% price reduction in the prices of fuel in the second pricing-window of March 2020.

“Taking into consideration the 18.97% plummeting in prices of Crude oil, coupled with the 15.81% and 19.51% considerable crushing in the prices of Gasoil and Gasoline respectively on the international market; the Institute for Energy Security (IES) foresees prices of fuel on the local market falling by 5% to 8% in the second Pricing-window for March 2020”, the IES said in a statement issued.

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