18:27 GMT21 January 2021
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    On Tuesday, June futures for Brent crude oil slumped 26.95 percent to $18.68 per barrel, earlier falling to $17.52 per barrel, the lowest price since December 2001. Brent's decline follows WTI plummeting into negative territory on Monday for the first time in their history.

    The price of Brent crude oil for June delivery has dropped lower than $17 per barrel for the first time since 2001, according to market data

    As of 6:42 a.m. Moscow time, the price of oil had lowered by 12.62% to $16.89 per barrel.

    Earlier on Tuesday, the price of WTI crude oil for June delivery dropped below $7 per barrel, settling at $11.57 per barrel, after May futures turned negative earlier on Monday for the first time in history.

    The collapse was triggered by weak oil demand due to the COVID-19 pandemic and near-full oil storage facilities in the United States.

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    Tags:
    Brent, oil market, COVID-19
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