Crude oil NY market futures price at 21:11 on April 20 at the lowest price in 21 years
Crude oil prices have fallen further in the international crude oil market, and futures prices in the New York market have fallen to their lowest prices in about 21 years.
On the 20th in the New York crude oil market, the WTI May futures price, which is an international indicator, fell nearly 40% from last weekend, and one barrel was in the lower $ 11 range for 21 years since December 1998. It was the lowest price in four months.
Crude oil prices have fallen sharply due to the impact of the new coronavirus, and oil-producing countries such as Saudi Arabia and Russia have decided to cooperate with each other to cut production in order to raise prices.
However, the IEA = International Energy Agency predicts that the demand for crude oil will fall sharply this month, and this month will be the lowest level since 1995, due to widespread restrictions on going out and so on around the world. It shows that it is difficult to balance supply and demand by reducing production.
If historically low crude oil prices continue, oil-producing countries may be forced to take further measures.