Start News Oil prices fall: Brent at its lowest level since 2002

Oil prices fall: Brent at its lowest level since 2002

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Oil prices fell significantly at the start of the week due to the economic consequences of the coronavirus pandemic. The price for a barrel (159 liters) of the North Sea variety Brent dropped to its lowest level since November 2002. At the time, oil prices were under pressure following the September 11, 2001 attacks. On the supply side, the price war between Saudi Arabia and Russia is also a burden.

The Brent price dropped by up to eight percent this morning to $ 23.03 and recently recovered only slightly to $ 23.50. This means that the price of Brent oil has declined by almost 60 percent since February 24, when the rapid spread of the novel corona virus has fully affected the financial markets.

The price of a barrel of the American grade WTI fell in the morning by up to 7.4 percent to $ 19.92 and thus slipped below the $ 20 mark in a crash. Recently, a WTI barrel at $ 20.52 was still a good 4.5 percent less than on Friday. The minus of the WTI price since the start of the crash adds up to just over 60 percent.