Crude Oil prices fall to lowest level in 18 years

Oil prices dropped to their lowest levels in 18 years on Monday as the global economy looked set to enter a coronavirus-induced
Brent crude, the key international oil price benchmark, plunged 6 per cent on Monday to $26.17 per barrel as countries around the world
shut down swathes of their economies to halt Covid-19’s spread.
At one point on Monday Brent crude touched $22.58 – its lowest level since November 2002. America’s most closely watched benchmark, West Texas Intermediate, fell 5.6 per cent to $20.30.
Demand has fallen by more than half in the past month as billions of people stay at home, companies cut back on production and airlines ground their fleets.
At the same time Saudi Arabia and Russia have entered a price war that has seen oil supplies remain buoyant.

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