Oil prices slumped again this morning, with Brent falling to the lowest since 1999, as the market struggled with a massive crude glut amid a collapse in demand for everything from gasoline to jet fuel caused by the coronavirus outbreak.
Brent crude, which fell 24% in the previous session, touched $15.98 a barrel on London’s ICE, its lowest since June 1999 as of 07:35 Moscow time.
The price of June 2020 Brent oil futures has dropped by 13.55% on London’s ICE, reaching $16.71 per barrel. This is the first time Brent drops below $17 since November 2001, the data as of 06:45 Moscow time informs.
West Texas Intermediate was down 68 cents, or 6%, at $10.89 a barrel.
Oil prices continue to drop amid the ongoing novel coronavirus pandemic.
