The wholesale price of gasoline and diesel fuel in Europe in March fell by 30-50%
in March In comparison with February the price of oil in the European market on average decreased by 41% or $ 23 per barrel, which is certainly reflected in the corresponding fall in the price of gasoline and diesel fuel. Thus, the 10 ppm gasoline on a European average lost 44% or $ 235 per ton, and diesel fuel - 30% or $ 150 per ton. In March these oil products traded in the range of 180-495 and 280-465 dollars per ton, respectively.
March 30, the crude oil price on the European market broke through the psychological mark of $ 20 per barrel. Brent crude was trading at levels around $ 18. This contributed to the strengthening of quarantine measures in Europe and the United States. Many businesses stopped, people are forced to adhere to the quarantine, so fuel consumption is significantly reduced.
In the US, the reduction in daily fuel consumption was reduced by almost 2 times. According to estimates Morgan Stanley, in April-June, the US economy is size at 21.4 trillion dollar a year, may lose about 30%. Economic activity in the U.S. in March was almost paralyzed. 8 million Americans applied for unemployment benefits. According to estimates by Bank of America the decline in GDP for the second quarter will be 25%.
Earlier it was reported that "bearish" investment Bank Citigroup forecast assumes that the price of Brent crude could crash to $ 5 per barrel in the second quarter of this year.