The oil markets have been revoked by sharp price swings in recent days , with traders concerned a drop in demand caused by the coronavirus pandemic which would lead to storage problems for the oversupply of oil . Since many countries are now moving toward in rebuilding their economy which would lead to a rise in the demand for oil . Many oil industries in the world remain underdeveloped and due to COVID-19 crisis Andy I shutdown worldwide, the pandemic is likely to result from the oil price crash and upending the current balance of power. The key-oil producing countries like Iraq and Nigeria can’t find way to be free from crisis with less interest loans. Oil prices have been rebounded recently after the reports that a key measure of oil inventories showed lower than expected demand for storage and oil- focused exchange trade-funds appeared to have finished selling June futures contracts. In Pakistan oil prices have been cut and reduce the price by at least 50 litres . This is very crucial during the current state of affairs due to the joblessness during COVID-19 . In this regard the government of Pakistan needs to be active and deliver a financial relief package to the poor and reduce the commodities prices .
Barkatullah
Turbat
