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.
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.