Shafaq News / Oil prices collapsed on Monday in Asian markets following the deterioration of other financial markets and the worsening crisis of the emerging Corona virus over the weekend.

The price of WTI in the United States lost 5.3 percent to $ 20 a barrel, while the North Sea Brent barrel fell 6.5 percent to $ 23 for the first time since 2003.

The collapse comes as the death toll from the Coved 19 pandemic exceeds 30,000, most of them in Italy and Spain, with a significant increase in the number of infections in the United States.

The number of infections in the United States is about 140,000, with more than 2,400 deaths.

The surge in casualties has prompted U.S. President Donald Trump to be less optimistic about a return to economic activity in the United States, although he was stressing that this was possible by mid-April.

Trump's epidemic counselor, Doctor Anthony Fuchi, drew a frightening scenario about the development of the crisis, with his appreciation that the virus could kill between "100,000 to 200,000 people" in the country.

Oil markets began to collapse weeks ago, with governments around the world imposing travel restrictions and isolation measures to contain the virus.

Major oil producers such as Saudi Arabia and Russia are also fighting a price war that has led to a rise in reserves and consequently a drop in prices.

Last week, stock markets rebounded and oil prices rose as governments around the world announced massive recovery measures supporting the global economy.

But expert at Axi Core Financial Services, Stephen Ennis, considered that oil prices are threatened by further decline with full storage capacity and the delay of the countries involved in finding solutions.

“The longer its response is delayed, the greater the risk of a new drop in prices.”