Oil sinks to 18-year low but holds $20 level
WTI touched $19.27 its lowest since February 2002
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
West Texas Intermediate crude oil tumbled to an 18-year low after President Trump extended COVID-19 social distancing guidelines until at least April 30.
STOCK FUTURES FALL AS SOCIAL DISTANCING GUIDELINES EXTENDED
WTI futures for May delivery fell 6.6 percent to $20.09 per barrel, closing at their lowest level since February 2002. The contract hit a session low $19.27 a barrel, down 10.4 percent.
The losses came despite President Trump telling "Fox & Friends" on Monday that he would hold a phone call later in the day to discuss low energy prices with Russian President Vladimir Putin.
OIL PRICES COULD FALL BELOW ZERO: ANALYST
Monday's slide comes after prices plunged Friday in response to Saudi Arabia saying it has not held talks with Russia regarding a “joint agreement to balance oil markets.”
CLICK HERE TO READ MORE ON FOX BUSINESS
Crude oil prices have crashed 68 percent this year as the price war between Saudi Arabia and Russia has added to a supply glut at the same time the COVID-19 pandemic has caused demand destruction.