WTI oil price breaks $20 barrier for first time since 2002

MOSCOW. KAZINFORM WTI oil futures price has dropped below the $20 mark during trading at London’s ICE exchange for the first time since 2002, trading reports show.

At 01:35 Moscow time, the May WTI futures hit $19.48 per barrel (-8.5%). At 03:03 Moscow time, the WTI barrel traded at $20.4 (-5.5%), TASS reports.

The Brent oil price for June 2020 supply plummeted by 7.92% at the ICE exchange trading launch to reach $23.01 per barrel. At 03:03 Moscow time, the Brent barrel was losing 6.1% of its price, trading at $23.5.

The oil prices continue to be rattled amid news on continuous increase of coronavirus cases around the world.