Oil falls to 18-year low on crashing global demand ...United Arab Emirates

The global economic slowdown has caused oil prices to fall to the lowest since 2002, with Brent crude sliding more than seven percent on Monday to just $22 a barrel. The industry is facing its largest demand drop in history. US crude benchmark West Texas Intermediate (WTI) hit a low of $19 per barrel overnight, before picking up slightly to over $20 per barrel as of 11:50 GMT. Oil prices have tanked by more than half in the past month, with companies cutting back and closing production as a result of the COVID-19 pandemic, combined with the OPEC+ disagreement over production cuts. Traders expect global surplus to approach 25 million ba

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Last updated : 30 March 2020 clock 03:20 PM

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Oil falls to 18-year low on crashing global demand ...United Arab Emirates

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