PortandTerminal.com, March 13, 2020
We produced a “Sign of the Times” infographic that compares the price of these two essential commodities on an ounce-for-ounce basis.
NEW YORK – Today the price of a barrel of Brent Crude oil is $36.95 (source: OilPrice.com).
Why is it so cheap?
After Saudi Arabia and Russia failed to agree upon oil production cuts to address the weak global demand caused by the coronavirus pandemic, the two initiated a price war. Both countries are flooding the market with cheap oil.
In the past week alone, the price for a barrel of Brent crude oil has dropped over 20%.
One product though who’s price has held firm during the current global crisis is the price of hand sanitizer. If you can find it on the shelves at a store, it averages about $1.46 per fluid oz.
We produced the “Sign of the Times” infographic below that compares the price of these two essential commodities on an ounce-for-ounce basis.
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