$14 a Barrel: US Oil Price Falls Again to Record Low
Such a price for WTI crude has not been recorded since 1999.
The price of a barrel of West Texas Intermediate (WTI), the main US oil benchmark, fell 19.3% to $14.74 – the lowest record level since 1999. This is reported by BBC.
At the same time, further declines in oil demand are being observed. Global demand for products is becoming lower due to the coronavirus pandemic.
The oil industry is reportedly trying to cope with selling excessive fuel stocks while continuing to cut prices.
Back on March 9, oil prices experienced a historic collapse after Saudi Arabia launched a trade war against Russia. Prices fell 30% to $31 a barrel. At that time, experts predicted that oil prices would continue falling to $20 a barrel.
Earlier, OPEC member countries reached an agreement to cut oil production by almost 10 million barrels per day, which is an unprecedented production cut agreement in history.
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