Brent Crude Price Falls below $20 per Barrel

By Staff, Agencies

The cost of futures for Brent crude oil for delivery in June 2020 on the London ICE exchange dropped by 6.8% - to $19.99 per barrel, in Monday morning trading.

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.

July futures for North Sea Brent crude oil dropped almost 6 percent, to $23.23 before bouncing back slightly to $23.43. 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 nose-diving prices as the coronavirus pandemic has grounded airlines and halted other forms of travel with lockdowns keeping people inside.