MOSCOW (Pakistan Point News / Sputnik - 21st April, 2020) The price of WTI crude oil for June delivery fell below $7 per barrel due to weak demand amid continued restrictive measures aimed at containing the COVID-19 pandemic.
As of 18.08 GMT, June futures for WTI crude were trading down 51.1 percent at $9.99 per barrel, earlier falling to $6.55 per barrel.
June futures for Brent crude oil slumped by 26.95 percent to $18.68 per barrel, earlier falling to $17.52 per barrel, lowest since December 2001.
At the same time, the price of May futures for WTI oil rebounded to $7.38 per barrel. Tuesday is the last day of trading in May WTI futures.
On Monday, the price of WTI crude futures for May delivery fell to negative values for the first time in history, ending trade at minus $37.63 per barrel. The collapse was caused by weak oil demand due to the coronavirus and near-full oil storage facilities in the United States.
