Crude oil price drops to its lowest level since November 2002
Oil prices fell significantly at the start of the week due to the economic consequences of the corona pandemic. The price for a barrel (159 liters) of the North Sea Brent sank to its lowest level since November 2002.
The Brent price fell early Monday morning by up to eight percent to $ 23.03. Picture: Shutterstock
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At the time, oil prices had been under pressure following the September 11, 2001 terrorist attacks. On the supply side, there is currently also a price war between Saudi Arabia and Russia, which is putting additional pressure on oil prices.
The Brent price fell early Monday morning by up to eight percent to $ 23.03 and has recently recovered only slightly to $ 23.50. This means that the price of Brent oil has declined by almost 60 percent since February 24, when the rapid spread of the novel corona virus has fully affected the financial markets.
The price of a barrel of the American grade WTI fell on Monday morning by up to 7.4 percent to $ 19.92 and, as in the Corona crash, slipped below the $ 20 mark.
Recently, a WTI barrel at $ 20.52 was still a good 4.5 percent less than on Friday. The minus of the WTI price since the start of the Corona crash adds up to just over 60 percent. (sda / awp / dpa)
