https://sputnikglobe.com/20200329/wti-oil-price-drops-below-20-per-barrel-first-time-since-11-february-2002-1078754558.html
WTI Oil Price Drops Below $20 Per Barrel, First Time Since 11 February 2002
WTI Oil Price Drops Below $20 Per Barrel, First Time Since 11 February 2002
Sputnik International
This is the first drop below $20 per barrel for WTI crude oil since February 2002. The Brent crude oil price also plummeted 4.65%, according to trading data. 29.03.2020, Sputnik International
2020-03-29T22:52+0000
2020-03-29T22:52+0000
2020-03-30T04:13+0000
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WTI Oil Price Drops Below $20 Per Barrel, First Time Since 11 February 2002
22:52 GMT 29.03.2020 (Updated: 04:13 GMT 30.03.2020) This is the first drop below $20 per barrel for WTI crude oil since February 2002. The Brent crude oil price also plummeted 4.65%, according to trading data.
As of 1:40 Moscow time [22:40 GMT], the price of May futures for WTI crude oil fell 8.52%, to $19.98 dollars per barrel.
The price of June futures for North Sea Brent dropped 4.65%, to $26.6 per barrel.
Oil prices have been dropping during the month amid the ongoing novel coronavirus pandemic, which has caused a steep drop in global demand for oil products.
Earlier, the OPEC+ countries failed to reach an agreement on cutting output, leading to Saudi Arabia increasing production by 1.5 million barrels per day through the end of 2020, which led to a dramatic price drop.
