Crude prices plunge to lowest in 18 years as global growth slows
NEW DELHI : Oil prices have plunged to their lowest level since 2002 as a result of the brinkmanship of the Organization of the Petroleum Exporting Countries plus (Opec+) combine, which includes Russia, over crude oil production amid the covid-19 pandemic and a slowing global growth.
The benchmark Brent had hit $23 per barrel on Monday, the lowest since 2002, but rose later in the day to trade at $26.02 per barrel. The West Texas Intermediate was trading at $20.48 per barrel.
Oil prices had touched an all-time high of $147 per barrel in July 2008. Goldman Sachs has recently forecast that the ongoing oil price war may lead prices to drop to the $20 per barrel mark.
