Shafaq News / Oil prices ended Tuesday's trading, recording its largest quarterly loss ever, as Brent and US crude contracted in March due to the stalemate that hit the global economy due to Corona.

The failure of OPEC + countries to reach an agreement on production cuts also contributed to the decline in black gold prices.

The two crudes lost about two-thirds of their value during the past three months, and most of the declines came last March in light of the decline in global demand for fuel due to travel restrictions imposed due to corona.

Major dealers and banks expect demand for crude to decrease between 20% and 30% this April, with weak economic activity in the world.

Michael Tran, managing director of energy strategy at RBC Capital Markets, said, "The unprecedented pace of demand crashes forced refineries, worldwide to cut production, leaving barrels from the United States to the North Sea to Asia looking, to no avail."

The markets received some support from the statements of US President Donald Trump, who said at a press conference yesterday that the United States, Russia and Saudi Arabia will work together to deal with the collapse in oil prices.

In terms of trading, a barrel of Brent mix was traded today at 08:13 Moscow time, at $ 22.74, a 0.09% decrease from the previous settlement price, while US crude fell 0.88% to $ 20.30 a barrel.