• PEP

15 Years of the Oil Market

Oil prices came close to hitting 20-year lows today, as Brent crude and WTI feel the full pressure of the Russian Saudi price war. Brent crude fell as low as $25 a barrel before falling 2.2 percent down at $26.40. Oil slid toward the lowest level since 2003 on plunging demand due to coronavirus crisis, and as prospects for an OPEC production deal faded. The oil market is looking bearish as the prospect of more businesses closing until the pandemic is contained.