Home / World News / Brent tumbles to lowest since 2002, US crude dips below $20 per barrel

Brent tumbles to lowest since 2002, US crude dips below $20 per barrel

With Saudi Arabia and Russia set to flood the market with oil next month, producers and shippers have been scrambling to lock oil up in storage as demand falls.

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Meanwhile, the coronavirus pandemic is expected to cause at least a 20% drop in fuel demand worldwide as governments take steps to restrict the spread of the virus.

Reuters

3 min read Last Updated : Mar 31 2020 | 2:29 AM IST

Global oil benchmark Brent crude plunged to its cheapest in almost 18 years on Monday and US crude briefly tumbled below $20 per barrel on growing fears the global coronavirus shutdown could last months and demand for fuel will decline further.

With Saudi Arabia and Russia set to flood the market with oil next month, producers and shippers have been scrambling to lock oil up in storage as demand falls.

Meanwhile, the coronavirus pandemic is expected to cause at least a 20% drop in fuel demand worldwide as governments take steps to restrict the spread of the virus.

Brent futures

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