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| Barreling down past $17: Brent crude continues its freefall, crashing to lowest point since 2001 | |
| (about 2 hours later) | |
| Brent crude oil has extended its price plunge, falling to just below $17 per barrel, a level not seen in nearly 20 years. The decline comes as WTI crude slowly recovers after sinking into negative territory earlier this week. | Brent crude oil has extended its price plunge, falling to just below $17 per barrel, a level not seen in nearly 20 years. The decline comes as WTI crude slowly recovers after sinking into negative territory earlier this week. |
| Brent plummeted to as low as $16.76 per barrel early on Wednesday morning, dipping by more than 13 percent, according to charts provided by OilPrice.com. The benchmark has not plumbed such depths since 2001, when the 9/11 terrorist attacks decimated air travel demand the world over, bringing Brent prices down along with it. | Brent plummeted to as low as $16.76 per barrel early on Wednesday morning, dipping by more than 13 percent, according to charts provided by OilPrice.com. The benchmark has not plumbed such depths since 2001, when the 9/11 terrorist attacks decimated air travel demand the world over, bringing Brent prices down along with it. |
| The US benchmark, West Texas Intermediate (WTI) crude, continued to lag on Tuesday, settling at just shy of $11 per barrel after its dramatic downward spiral earlier this week, which pushed WTI prices far into the negatives, briefly trading at an unprecedented -$37.63. While WTI has since ticked up in value, it was nevertheless down on Tuesday, taking a hit of some three percent. | |
| The global oil market has endured major blows in recent months, with the ongoing coronavirus pandemic tanking demand for air travel and a major oil production dispute between Riyadh and Moscow helping to drive prices down to their historic lows. While the spat has since been resolved among members of OPEC+ – who agreed to restrict output to encourage prices to climb – world oil fees have struggled to recuperate. | The global oil market has endured major blows in recent months, with the ongoing coronavirus pandemic tanking demand for air travel and a major oil production dispute between Riyadh and Moscow helping to drive prices down to their historic lows. While the spat has since been resolved among members of OPEC+ – who agreed to restrict output to encourage prices to climb – world oil fees have struggled to recuperate. |
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