In recent weeks, the oil market has suffered from the advance of coronavirus and investor concern about the economy and the lack of storage locations has increased. On Monday (20), the price of American oil fell more than 80%, to the lowest level in history.
At about 2:36 p.m. PDT, the U.S. barrel West Texas Intermediate (WTI) lost 82.48 percent and was trading at $3.20 a unit. In 2011, the barrel was worth $114. At the same time, North Sea Brent crude, the benchmark for the European market, retreated 5.84 percent to $26.44 a barrel.
In a statement, ANZ bank said prices will remain under pressure. "While OPEC has accepted an unprecedented reduction in production, the market is flooded with oil," the statement added. "There are still fears that storage facilities in the United States are running out of capacity," the bank said.