Brent crude hits 21-year low after rout for US prices

Brent crude hits 21-year low after rout for US prices

Brent crude touched $15.98 a barrel, its lowest since June 1999, before recovering at $16.96 at 0511 GMT Wednesday as the market struggled with a massive crude glut amid a collapse in demand due to the pandemic. The slump, which started on Tuesday, sent shares in major oil companies into reverse, with BP down 3 per cent and Royal Dutch Shell off 4.2 per cent on the FTSE 100 index in London.

KCooper
KCooper
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