Most people in European countries drive their own cars, and people in these countries are stuck at home, reducing the demand for oil in a large part of European countries. Because western countries are not like China, and the basic public transportation is poor, these people travel by car burning oil.
Now that the country has begun to blockade, of course, fewer people will travel by car, and the corresponding countries will greatly reduce the import of oil, so a large part of the reason for the repeated decline in oil prices is here.
At the same time, due to the serious impact of the epidemic, the economic recovery in the west is slim, and oil is the blood of industrial society. In the overall economic downturn, all countries foresee reducing oil imports. After all, the economy is depressed, and no amount of imported oil can be used up, and it still occupies a place. Under the condition of ensuring safe reserves, these countries will of course reduce oil imports.
This behavior will naturally affect the international oil price, which depends on market supply and demand. When supply exceeds demand, international oil prices will inevitably fall. Of course, oil is still one of the most important energy sources in modern society, and the price drop is only a temporary thing. As demand increases, prices will naturally rise back.
However, I don't know when the oil price will rise. At least it will be hard to happen this year, because this is the international situation now. Unless there is a large-scale war, it is difficult for oil prices to rise this year.
Generally speaking, the repeated decline in international oil prices is caused by the decline in the demand for crude oil in countries all over the world, including the United States and China. Another reason is that Russia refused to sign a new oil production reduction agreement with the Organization of Petroleum Exporting Countries.