Crude oil benchmarks dropped on Monday, extending last week’s losses as the global coronavirus pandemic worsened and the Saudi Arabia-Russia price war showed no signs of abating.
US West Texas Intermediate (WTI) crude futures hit a low of $19.92 in early trading and last traded down 5.2%, or $1.12, at $20.39 a barrel as of 2332 GMT, while Brent futures fell 5.6%, or $1.40, to $23.53 a barrel.
The oil markets are enduring a twin shock of demand destruction caused by the coronavirus pandemic and the Saudi-Russia price war that is flooding markets with extra supply.
