WTI oil futures for April delivery fell 4.5% to $ 25.7, the lowest since May 2003.
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Crude oil prices hit their lowest in 17 years, continuing their free fall amid fears that the coronavirus pandemic and containment measures could trigger a global recession.
WTI oil futures for April delivery fell 4.5% to $ 25.7, the lowest since May 2003.
Meanwhile, the price of Brent crude has fallen below $ 28 a barrel, for the first time since January 10, 2016. After a drop of 4.47%, Brent futures for May delivery are at 27, $ 5 a barrel.
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Crash in global markets
In recent days, there has been a drastic collapse in the main global markets after the WHO declared covid-19 as a pandemic and the subsequent suspension of flights from Europe to the United States. decreed by Washington in an attempt to curb the spread of the deadly coronavirus.
The oil industry has also been affected by the price of crude oil in free fall after the failure of the OPEC + countries pact to reduce oil production.
This scenario occurs despite the fact that the main central banks of the world took measures this Sunday to reassure the markets due to the fears generated by this pandemic that has forced governments to quarantine millions of people. The US Federal Reserve, the European Central Bank and the Bank of Japan offered increase the liquidity supply of financial markets.
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