UK oil prices suffers knock-on effect of turmoil in US industry
The price of UK oil has fallen by more than 10% to around £13 a barrel, following the high profile troubles facing the industry in the USA.
Todays news follows the announcement that the price of West Texas Intermediate (WTI), the benchmark for US oil, turned negative for the first time in history.
Coronavirus has been blamed for the situation facing the oil industry across the world, with many firms struggling to store the oil they currently have.
Yesterday evening, energy ministers from across the world and the major oil firms held a conference call to discuss the future of the industry, but nothing has been announced as of this morning.