International benchmark Brent crude shed 14.1%, or $4.07, to trade at $24.67, its lowest level since 2003.
Oil dropped 24% to a more than 18-year low on Wednesday as the coronavirus pandemic continues to sap demand for crude, and as rising worries about a global recession lead to fears of longer-term demand destruction.
U.S. West Texas Intermediate crude fell 24.4%, or $6.58, to settle at $20.37 per barrel, its lowest level since February 2002, CNBC said.
At the low of the day, the contract hit $20.06. It was WTI’s third worst day on record.
International benchmark Brent crude shed 14.1%, or $4.07, to trade at $24.67, its lowest level since 2003.
Oil is getting hit on both the supply and demand side. A slowdown in worldwide travel and business activity is weighing on demand, just as powerhouse producers Saudi Arabia and Russia prepare to ramp up production.
(c) Unian
Who is going to blink first, Russia or the Saudis?
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Maria, is back to her old job……………….even in her office!!!
https://a.disquscdn.com/get?url=https%3A%2F%2Fnewsland.com%2Fstatic%2Fu%2Fcontent_image_from_text%2F04052017%2F5813445-1920150.jpg&key=83KsisAS0LRN0ZgMkVJzUw&w=600&h=350
No shame, Maria!
I envision thick drops of sweat on the foreheads of those in charge in the Kremlin and Riyadh. Their reserves are dwindling and there is no light at the end of the tunnel. Even if they start reducing production output, the oil price will linger far enough below a range that defines their pain level due to the Chink bat virus. And, US fracking companies are just waiting to gear up again.
It costs Norway $23.00 USD to produce a barrel of oil, not much to earn these days 🙁
Its 75 cents a litre here now in the Toronto area . have not seen prices like this in 15 years .
It’s the same here in Sweden, down almost 30% since last week
“People are dying who have never died before.”
– Donald J. Trump,
March 18, 2020 🙂
Still 1,50 euro per liter here, record low hahahaah
It’s 1.17 Euro here today, 1.23 for diesel 🙂
Great news, but nobody is going out anywhere to take advantage of the cheap fuel. 😊
True, no places to go 🙂 We’d to visit a town nearby today to pick up a packet, 100 km mostly to clean the exhaust system. Most shops was empty, people stay at home
Some analysts say oil prices in the teens are not far off, while Paul Sankey, managing director at Mizuho Securities, said “Oil prices can go negative”
https://oilprice-com.cdn.ampproject.org/v/s/oilprice.com/Energy/Crude-Oil/The-New-Saudi-Plan-To-Send-Oil-Prices-Lower.amp.html?amp_js_v=a3&_gsa=1&usqp=mq331AQFKAGwASA%3D#referrer=https%3A%2F%2Fwww.google.com&_tf=From%20%251%24s&share=https%3A%2F%2Foilprice.com%2FEnergy%2FCrude-Oil%2FThe-New-Saudi-Plan-To-Send-Oil-Prices-Lower.html
March 19, Moscow open:
— The Russian ruble remains at its lowest level in five years, having crashed through the benchmark rate of 80 against the U.S. dollar. Overnight the currency slipped as low as 82.7, before recovering slightly to 80.5 as trading in Moscow got underway. That marks a 32% depreciation since the start of the year.
Meanwhile the dollar is the strongest it’s been for years.