Few days after bouncing back from its sharp decline in nearly two decades, oil prices have gone down once again today.

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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.

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The Brent global benchmark was down 6% at $31.88 a barrel.

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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.

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

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The COVID-19 outbreak added 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.

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Meanwhile, fuel prices at the pumps are expected to go down by about 10% today.

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

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“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.

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Source: classfmonline.com

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