20/04/2020 12:05
US oil prices drop to 21-year low as demand dries up
The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out.
The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 14% to $15.65 in Asia trading on Monday.
The oil market has come under intense pressure during the coronavirus pandemic with a huge slump in demand.
US storage facilities are now struggling to cope with the glut of oil, weakening prices further.