The price of Brent crude oil for June delivery has dropped lower than $17 per barrel for the first time since 2001, according to market data.
As of 6:42 a.m. Moscow time, the price of oil had lowered by 12.62% to $16.89 per barrel.
Earlier on Tuesday, the price of WTI crude oil for June delivery dropped below $7 per barrel, settling at $11.57 per barrel, after May futures turned negative earlier on Monday for the first time in history.
The collapse was triggered by weak oil demand due to the COVID-19 pandemic and near-full oil storage facilities in the United States.
