The cost of the May WTI futures fell by almost 15 percent, while the June Brent fell by 4 percent. The Asian session saw a record price drop in the last 20 years.
The WTI oil price fell nearly 15 percent on the London Intercontinental Exchange (ICE) on Monday, April 20. The value of WTI’s May futures is now at $14.68 per barrel. The cost of Brent oil has fallen by almost 4 percent, while the cost of its June futures has dropped to $27.64 per barrel.
The cost of WTI oil futures for the Asian session has fallen by 20% – below $15 per barrel. This is a record low level for the last 20 years.
In early March, OPEC participants and its partners could not agree on further reduction of production by an additional 1.5 million barrels per day. Saudi Arabia insisted on the reduction, while Russia opposed it. The failure of negotiations resulted in oil prices falling to their lowest level in 18 years. The prices were also affected by the coronavirus epidemic.
Later on, OPEC+ countries agreed to reduce oil production.