In the international market the price of crude oil has been slipped down sharply on Friday.
US benchmark West Texas Intermediate was down 9.3% at US dollar 22.76 a barrel while Brent, the international benchmark, slipped 4.1% to Us dollar 31.48 a barrel.
The crude oil price has been slipping down due to the decline in demand amid the Covid-19 pandemic. The crude oil prices has touched two-decade low due to this.
A meeting of the oil producing countries, OPEC has conducted a meeting on Thursday to discuss this.
Venezuela, Saudi Arabia and Russia had proposed to reduce production by around 10 million barrels per day. But this was opposed by Mexico.
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