Oil price collapses to lowest level since 2002

Today, the price of crude oil has sunk to its levels since 2002 as demand for oil collapses amid the coronavirus crisis.

Crude oil prices fell to £18.24 a barrel on Monday – its lowest level since November 2002.

Overall, oil prices have fallen by more than half during the whole of March as the pandemic surrounding Covid-19 spreads across the globe.

Compounding the issues has been the grounding of flights and a decreased use of vehicles in the world’s leading economies.