Brent crude oil price hits 21-year low amid glut
Baku, April 22, AZERTAC
Global oil prices fell below $16 a barrel for the first time since 1999 on Tuesday night as markets continue to struggle with oversupply caused by the coronavirus lockdown, according to The Guardian.
The price of Brent crude, the international oil benchmark, dropped to $15.98 a barrel in overnight trade before climbing back above $17 by mid-morning on Wednesday. The price is down from more than $28 a barrel last week.
The market panic caused US oil prices to turn negative for the first time as oil producers without access to storage space began paying customers to take their barrels from next month.
Severe restrictions on travel and the broader economy have caused demand for fuel and energy to fall at its fastest rate in 25 years.
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