US oil price crashes almost 40 percent to 22-year low as coronavirus saps demand
New York oil crashed on Monday to nearly $11 per barrel, the lowest level since 1998, extending a dizzying plunge to almost 40 percent on abundant supplies and virus-sapped demand.
Just before 1200 GMT, the US benchmark West Texas Intermediate (WTI) crude for May delivery tanked to $11.31 per barrel, as the market was hit also by technical trade ahead of the contract’s expiry later Monday.
Read more: Oil market demand in April to fall to 25 year low: IEA
Also Read
-
Oil closes the week at 18-year low despite historic production cut
Oil closed the week at the lowest since 2002 as an historic OPEC+ production cut failed to counter a wave of gloomy demand forecasts and concerns that ... Energy -
Oil held in floating tankers hits new record of 160 mln
Traders are storing an estimated record 160 million barrels of oil on ships –double the level from two weeks ago as they seek to tackle a glut of ... Coronavirus -
Oil below $10 per barrel without historic OPEC+ output cut deal: RDIF chief
Oil would be trading below $10 a barrel if the historic OPEC+ output cut deal agreed Sunday had not taken place, Kirill Dmitriev, CEO of the Russian ... Energy
