Oil markets in tailspin, WTI price touches its lowest

NEW DELHI : The US crude oil prices recorded their lowest on Monday, with the West Texas Intermediate (WTI) falling to $10.96 per barrel due to falling demand on account of the coronavirus pandemic.

While WTI was trading at $14.05 per barrel the time of filing this story, international benchmark Brent was reading at $26.97 per barrel.

The low energy price regime could put a majority of US shale oil producers out of business in the run-up to the US presidential elections in November.