I think that falling oil prices have the following reasons. First, due to the COVID-19 epidemic, many countries restrict people from leaving their homes. Therefore, the world demand for gasoline dropped sharply.
Well it is very obvious, from all of the markets falling now the only thing that caused it is the virus, almost everything that is happening now is actually because of the covid-19.
Second, the oil producing countries cannot close their oil production companies because the cost to close the companies and open the companiest after the epidemic is over is huge. So they chose the solution that produces oil as always. Therefore, the amount of oil in the storage is very large. So I think these are the main reasons for the significant drop in oil prices.
There is only significant in the oil price, not in the demand therefore it has nothing to do with the oil price at all. So what if the price hits the ground? If no one will buy it or sell it right now it should be fine. And some of you guys might wonder why is the current price of oil or gas right now have not change yet, simply because it was not from the price were they bought it, in short they were stock.