Falling by 14%, the price of a barrel of West Texas Intermediate (WTI), a commonly used benchmark for United States oil, dropped to $15.65 United States dollars as a result of low demand. At its lowest, WTI dropped 21% and hit a low of $14.47, marking the lowest prices seen since March of 1999. The immensely reduced demand as a result of the Covid-19 Coronavirus pandemic has resulted in a massive surplus at American oil storage facilities, furthering slashing the price of oil. 

Meanwhile, the price of Brent crude oil, a commonly used benchmark around the world, fell by 0.8% to $27.87 per barrel.
The continued decline in oil prices comes despite the agreement by Organization of the Petroleum Exporting Countries and its allies (OPEC+) to reduce production by 10%.