US crude plunged 6% and dipped below $20 a barrel Monday as the coronavirus pandemic continues to deal a devastating blow to energy demand
US crude plunged nearly 7% and finished at an 18-year low of $20.09 a barrel Monday as the coronavirus pandemic continues to deal a devastating blow to energy demand. At session lows, oil touched $19.27 a barrel -- the weakest intraday price since February 2002. Brent crude, the world's benchmark, tumbled as much as 13% and fell to as low as $21.65 a barrel, its lowest point in 18 years. Brent settled at $22.76 a barrel, the lowest close since November 2002.
First, Russia refused to cut production despite the obvious need for less supply. That refusal is driven by its desire to drown high-cost US producers in a sea of cheap crude in hopes of recapturing market share. Saudi Arabia responded by threatening to ramp up production and slashing prices further still. That caused an historic collapse in oil prices -- exactly the opposite of what was needed to stabilize the shaken market.
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