WORLD WTI oil price slumps by more than 10 percent

WORLD

WTI oil price slumps by more than 10 percent

AFP

20:50, April 17, 2020

The benchmark West Texas Intermediate oil contract dived more than ten percent on Friday to a new 18-year low, hit by oversupply and virus-sapped energy demand.

At 1255 GMT, WTI for May delivery sank to $17.53 per barrel, also ahead of the contract's expiry next week. Friday's level marked the lowest level since November 2001.

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