Posted on Apr 20, 2020
US oil prices drop to 21-year low as demand dries up
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The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out.
The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3% to $14.74 a barrel on Monday.
The oil market has come under intense pressure during the coronavirus pandemic with a huge slump in demand.
US storage facilities are now struggling to cope with the glut of oil, weakening prices further.
The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 19.3% to $14.74 a barrel on Monday.
The oil market has come under intense pressure during the coronavirus pandemic with a huge slump in demand.
US storage facilities are now struggling to cope with the glut of oil, weakening prices further.
US oil prices drop to 21-year low as demand dries up
Posted from bbc.comPosted in these groups: 
Oil
Oil and Energy
Oil Oil and Energy
Posted >1 y ago
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