US President Donald Trump, alongside his White House Coronavirus Task Force, is holding a press briefing in Washington DC on the COVID-19 pandemic.
The presser comes as the price of WTI May oil futures plummeted on Monday, becoming negative for the first time in history, although the price returned to the positive zone on Tuesday, the last day of trading on the New York Mercantile Exchange (NYMEX), reaching $10.01 per barrel.
At the same time, the price of June futures for WTI crude on Tuesday dropped by 43.4 percent to $11.57 per barrel, falling to as low as $6.55 per barrel during the session. June futures for Brent crude oil slumped by 26.95 percent to $18.68 per barrel, earlier falling to $17.52 per barrel, the lowest price since December 2001.
The drastic fall in crude oil wholesale prices appeared to be resulting in part from a coronavirus-related economic crisis that has prompted governments to institute restrictive health measures, including drastically reducing air traffic worldwide and shutting down production, creating unemployment levels not seen since the 1929 Great Depression in the US.
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