The price of the May WTI futures fell by almost 15 percent, and the June Brent-by 4 percent. In the Asian session, the price drop was a record for the last 20 years.
The price of WTI oil fell on the London Intercontinental Exchange (ICE) on Monday, April 20, by almost 15 percent. The price of the May WTI futures is now at a loss of $ 14.68 per barrel. The price of Brent oil fell by almost 4 percent, and the price of its June futures fell to $ 27.64 per barrel.
The price of oil futures for WTI in the Asian session fell by 20 percent-below $ 15 per barrel. This is an all-time low for the last 20 years.
In early March, OPEC members and its partners were unable to agree on a further reduction in production by an additional 1.5 million barrels per day. Saudi Arabia insisted on a reduction, while Russia opposed it. The failure of the negotiations led to a drop in oil prices to the lowest in 18 years. Prices were also affected by the coronavirus epidemic.
Later, OPEC+ countries agreed to reduce oil production.