International oil benchmark Brent has fallen to its lowest level since December 2001. The plunge comes a day after US oil nosedived to negative $40 per barrel, as the coronavirus pandemic hammers global demand.
Brent futures crashed by 25 percent on Tuesday afternoon, reaching a low of $18 per barrel that evening. Such a price has not been seen since December 2001, when the 9/11 terrorist attacks and subsequent drop in air travel dented demand for the commodity.
In the US, the West Texas Intermediate (WTI) opened poorly on Tuesday, a day after prices reached a record low of -$37.63 per barrel. The negative price reflected a lack of storage space for extracted oil, with suppliers seeking to offload their product to buyers, even at a loss.