Oil plummets 24 percent in a day, trading at an 18-year low
March 19, 2020 | Investopaper
Oil declined by 24 percent on Wednesday (March 18, 2020), falling to an 18-year low.
With the fear over coronavirus pandemic and worries about the upcoming global recession, the oil price witnessed a free fall in its price.
US West Texas Intermediate crude (WTI) closed on $20.37 per barrel on Wednesday, falling by 24.40 percent. This is its lowest price after 2002 and the third-biggest one-day drop.
Brent Crude, the international benchmark plummeted to $24.67, a decline of 14.10 percent.
With the rapid plunge in oil prices, Iraq (an OPEC-member) requested the other 14 members to hold an emergency meeting, as per the Reuters.
