Breaking: WTI Oil falls below $26, lowest since 2003, amid the coronavirus crisis, price war

Yohay Elam FXStreet

WTI Crude Oil has dropped to the lowest levels since 2003, below $26 per barrel.

The coronavirus crisis is weighing on prospects for demand as people refrain from flying or driving amid lockdowns and border closures.

Moreover, Saudi Arabia and Russia are engaged in a price war. Both major oil producers have increased production and cut prices after failing to extend and deepen the OPEC+ pact which lasted several years.

More: Brent oil: Q2 2020 price forecast slashed by a third to $ 20/ barrel – Goldman Sachs

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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