International benchmark Brent Crude Oil has fallen to its lowest level since 2002 as demand for oil falls amid the coronavirus pandemic with a significant reduction in the use of transportation.
Oil prices have fallen into the negative for the first time this week as Former BP Chief Executive Lord Browne said the lack of demand has caused the price to tumble about 30 per cent.
President Donald Trump has announced his administration has begun working on a response and is determined to make funds available to secure jobs in the industry.
Concern has also been raised about the impact on savers as investments in the oil sector will likely take a hit from the substantial price job.
