Oil prices slump to $11 per barrel

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The global business landscape has had a very turbulent as US oil prices slumped to their lowest level since 1998, dropping towards $10 a barrel

It is due to the collapse in demand spurred by the coronavirus pandemic.

According to report, West Texas Intermediate, the US marker, dropped 40 percent in Monday’s trading, reducing to the low of $10.77 a barrel

This slump is tied to lockdown experienced in many of the world’s major economies lowering the demand of crude

By early afternoon in Europe, the WTI contract for May delivery was down 35 per cent at $11.90 a barrel and the May contract will expire on Tuesday.

Dotun Omisakin
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I am Dotun Omisakin.

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