US oil price crashes almost 40 percent to 22-year low as coronavirus saps demand

An oil pump in Texas in the US. (File photo: Reuters)

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

Last Update: Wednesday, 20 May 2020 KSA 09:57 - GMT 06:57