Brent Oil Drops to 21-Year Low

23 Apr, 2020

Oil in London tumbled to the lowest in almost 21 years. Brent futures for June delivery dropped to as low as $15.98, the weakest since June 1999.

With global demand crushed by coronavirus lockdowns, concerns that the unwanted oil is going to overwhelm storage capacity have triggered a selling frenzy.

There are signs that these stunningly low prices are here to stay as supply dwarfs consumption.

Source: Bloomberg

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