Reuters
- Western Texas Intermediate reaches a low of $14.30 a barrel, dropping to its lowest level since 1999 as coronavirus tanks demand for the commodity.
- On Friday, data from Baker Hughes showed that the number of active oil rigs in the US dropped by 35% compared to the same time last month.
- The WTI market has entered contango, with spot prices lower than prices of future delivery of crude oil
- Follow the price of oil live with Markets Insider.
The price of oil dropped as low as just $14.30 per barrel on Monday to reach its lowest level in 21-years, pushed downwards by a slump in demand as the coronavirus pandemic economic shutdown lessens the need for fuels.
At its worst levels, WTI crude oil — the US benchmark — was down as much as 21% to $14.30 a barrel, according to Markets Insider data. That's it's lowest price since 1999. At the European open Monday, the price of crude was just shy of $15 per barrel, a loss of around 18%.
See the rest of the story at Business Insider
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