Oil price collapses to lowest level since 2002

Covid-19 News | Economy & Politics | Energy & Low Carbon Industry | International | Latest News | Transport & Distribution

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.

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