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WTI plunges nearly 30% as COVID-19 stifles demand

27 April 2020 18:34 (UTC +04:00)

Prices of oil extended losses on Monday with West Texas Intermediate (WTI) slumping nearly 30% as the coronavirus pandemic caused a fall in demand for oil, APA reports citing Telleradar.

As demand goes down, oil markets faced problems with oversupply. According to the Energy Information Administration (EIA), crude oil stockpiles in the United States jumped by 15 million barrels in the week ending April 17, marking the 12th consecutive weekly rise in crude inventories.

At 9:28 am ET, WTI for deliveries in June plummeted 28.57% to sell for $12.12 per barrel, while Brent for the same month's settlement sank 8.08%, going for $19.69 per barrel a minute later.