Western Texas Intermediate reaches a low of $14.30 a barrel, dropping to its lowest level since 1999 as coronavirus tanks demand for the commodi...
Western Texas Intermediate reaches a low of $14.30 a barrel, dropping to its lowest level since 1999 as coronavirus tanks demand for the commodity.
At its worst levels, WTI crude oil — the US benchmark — was down as much as 21% to $14.30 a barrel, according to Markets Insider data. That's it's lowest price since 1999. At the European open Monday, the price of crude was just shy of $15 per barrel, a loss of around 18%. "The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut."
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