Brent crude oil falls below USD 16 as increasing glut feeds market panic
NEW DELHI: Global crude oil benchmark Brent on Wednesday saw prices plunge below the $16 per barrel level to its lowest in over two decades.While prices had recovered to $21 by 8.30 pm IST, concerns remain over whether Brent will follow WTI crude in going into negative territory.
Brent crude had fallen 24 per cent in the previous session and continued its headlong plunge on Wednesday too, touching a low of $15.98, a price not seen since June 1999. However, the expiry of the May contracts saw its WTI peer claw back some of its decimated value. While WTI had fallen to (-)$37.63 per barrel on Monday, the next two session have seen prices rise into positive territory. As of 8.40 pm IST, WTI was trading at $14.99 up by nearly 30 per cent compared to its previous close.
