The price of oil continues to collapse amid extremely low consumption in Europe. Although growth in oil consumption in China and much of Asia remains on track, the sharp collapse in fuel demand in Europe has come as somewhat of a surprise to markets.
Europe is becoming an increasingly poor part of the world, where the economic collapse continues and oil demand is at levels of 40 years ago. The leading countries in Europe, such as Germany, France, Italy, Spain, are behind the leaders in the collapse of fuel demand. And it’s not because of electric cars. They are still a minor share of the market.
Today, the price of oil continues its decline, after not particularly convincing data from China.
Oil brand VTI fell to the level of $77.52, falling over $4.50 in the last 24 hours alone.
World-Signals.som expects the decline to continue for a few more days, and very soon we can expect calls from OPEC and OPEC+ for a new meeting with the aim of reducing production. Until then, we expect BTI oil levels to fall below $72.
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