Oil Plunges to 21-Year Low

US crude prices hit $15 per barrel, the lowest since 1999, amid concerns over a global supply glut and weak demand

James Gard 20 April, 2020 | 12:14PM

Oil barrel

The oil price has plunged to levels not seen this century amid fears that the fallout from the coronavirus crisis will crush global demand.

The price of the benchmark WTI oil fell 20% to $15 on Monday, while Brent crude fell 4% to below $27 a barrel, triggered by fears that the US is close to reaching capacity for storing oil. Such prices have not been seen since 1999. 

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James Gard  is content editor for Morningstar.co.uk

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