A Crisis for Refinery Stocks as Oil Plunges and Coronavirus Lowers the Demand! The situation of crude oil prices is facing negativity from both the price war between Saudi Arabia and Russia since the beginning of March and the Covid-19 crisis that decelerates oil demand ever further. The price war was thought by analysts at first to be aiming at US shale as well, and now the impact on the oil prices has shown how severe it was. In the past month, West Texas Intermediate (WTI) dropped more than 53%, while Brent Crude fell 46% and Dubai Crude plunged 50%. On Monday morning, Brent hit a 17-year low at $23.03/bbl while WTI briefly slipped lower than $20 to $19.90/bbl before bouncing back above the twenties. The situation between Saudi Arabia, the leader of the Organization of the Petroleum Exporting Countries (OPEC), and Russia, the third-biggest oil producers, does not seem to get any better since the crash between Riyadh and Moscow earlier this month where both countries declared
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