The coronavirus oil shock
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As the Covid-19 outbreak shut economies worldwide, crude oil prices started their downhill journey towards a low that was unthinkable before. And if that was not enough, the world's biggest exporters of the commodity - Saudi Arabia and Russia - had a spat over production cuts, triggering a price war. Prices nosedived into the unprecedented territory of below zero dollars per barrel in April. Demand recovery is likely to be slow and gradual next year.
