17:41 GMT21 January 2021
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    The news comes after a dramatic decrease in demand for oil amid the coronavirus pandemic that previously resulted in the price of WTI for delivery in May falling to a negative value for the first time in history.

    The price for Brent has plummeted to below $25 on the ICE stock exchange in London, according to trading data. As of 6:45 a.m. GMT, crude has lost 3.29 percent, reaching $24.73 per barrel.

    In the meantime, the price of May futures for WTI on the New York Mercantile Exchange (NYMEX) has rebounded, increasing by 100.27 percent to $0.1 per barrel, with Tuesday being the last trading day for WTI May futures on NYMEX. The price of June futures for WTI increased by 2.69 percent to $20.98 per barrel.

    Brent Spar oil platform
    © AFP 2020 / HUGO BERGSAKER
    "Brent Spar" oil platform

    Amid these historically low prices, US President Donald Trump renewed his promise to fill the US Strategic Petroleum Reserve by buying as many as 75 million barrels of oil.

    Tags:
    crude oil, Crude oil, Brent, falling oil prices, oil prices, oil prices, oil prices, Oil
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