ANKARA

The price volatility in crude oil has hit this month its highest level since May 2007, due to coronavirus fears and an increase in the glut of oil supply in the market, according to the U.S.’ Energy Information Administration (EIA).

On March 20, CBOE Crude Oil ETF Volatility Index, known as OVX index, reached 190 — “the highest value since its inception in May 2007,” according to the EIA.

The spread of the novel coronavirus (Covid-19) and measures against it have caused economic contraction and low oil consumption around the world. Besides, OPEC+ members failing to reach a deal

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