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Coronavirus: Oil price at 18-year low as turmoil persists

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Update time : 2020-04-22 09:54:05
The price of a barrel of Brent Crude - the UK benchmark for oil - has slipped below $20, its lowest level since 2002.

The more than 25% slump followed negative prices being recorded for a barrel of West Texas Intermediate (WTI), the benchmark for US oil.

The declines are a testament to the sharp decline in energy demand due to coronavirus lockdowns across the world.

Oil prices have weakened sharply because of a combination of oversupply and a collapse in global demand due to the decline in economic activity caused by coronavirus lockdown measures.

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell into negative territory for the first time in history on Monday, dropping to minus $37 a barrel.

On Tuesday, May prices remained low but returned to positive territory. However, the price for June fell dramatically, tumbling 43% to less than $12 per barrel over continued fears about storage capacity.

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