The price for Brent oil futures for delivery in May is falling below $22 per barrel for the first time since 4 March, 2002, trade data shows on Monday.
As of 6.20 p.m. Moscow time (15:20 GMT), Brent futures for delivery in May were decreasing by 11.95 percent to $21.95 dollars per barrel, which is the lowest level since March 2002. Brent futures for delivery in June are falling by 8.41 percent to $25.6 per barrel, and WTI futures for delivery in May are seeing a 5.58 percent drop to $20.31 per barrel.
Oil prices have been in turmoil as the globe is dealing with the coronavirus pandemic, which has claimed the lives of 35,045 and infected 740,685, hitting the United States, Italy, Spain, China, and Germany particularly hard.
Oil prices also suffered losses after Saudi Arabia, the leader of the Organisation of Petroleum Exporting Countries, failed to reach an agreement with Russia for an extension of production cuts beyond March.
The Saudis have since cut the selling price of their oil, raised production, and embarked on a fight with Russia for a greater market share, pulling the United States into the fray.
Early on Monday, WTI crude dropped below the $20 per barrel mark first time since 2002. June futures for Brent crude were at $26.6 per barrel at that time.