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Coronavirus: Oil price collapses to lowest level for 18 years

Added 03-30-20 05:04:02am EST - “The price of crude sinks to $23 a barrel as demand plummets due to the coronavirus pandemic.” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Coronavirus: Oil price collapses to lowest level for 18 years”. Below is an excerpt from the article.

The price of oil has sunk to levels not seen since 2002 as demand for crude collapses amid the coronavirus pandemic.

Brent crude fell to $23.03 a barrel at one point on Monday morning, its lowest level since November 2002.

Meanwhile the price of US West Texas Intermediate (WTI) fell below $20 a barrel and close to an 18-year low.

Oil prices have fallen by more than half during the past month as companies cut back or close production.

In addition to the drop in demand, a price war broke out earlier this month between Saudi Arabia and Russia.

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