Last week, the price of futures for May delivery of West Texas Intermediate (WTI), the benchmark US crude index, fell into negative territory for the first time in history, reaching as low as minus 37.63 a barrel.
The cost of futures for Brent crude oil for delivery in June 2020 on the London ICE exchange has dropped by 6.8% – to $19.99 per barrel, in morning trading.
July futures for North Sea Brent crude oil dropped almost 6 percent, to $23.23 before bouncing back slightly to $23.43 as of 9:54 Moscow time. June futures for WTI crude oil have dipped 15.5 percent, to $14.31 per barrel.
At the same time, the price of June Brent futures fell 5.55% – to $ 20.25 per barrel.
In turn, American benchmark West Texas Intermediate dropped 15 percent to $14.39 a barrel in Asian afternoon trade.
Oil producers, particularly in the United States, have been hard hit by plunging global demand and nosediving prices as the coronavirus pandemic has grounded airlines and halted other forms of travel with lockdowns keeping people inside.
On 20 April, the price of futures for May delivery of West Texas Intermediate (WTI) set a new record, nosediving from almost $18 per barrel all the way down to zero and crossing into negative territory,