The US oil price closed at its lowest level in more than 18 years last night as the slowdown sapped demand for crude. West Texas Intermediate was down 8.1 per cent, or $1.60, to $18.27 a barrel in New York, its lowest since January 2002. It is trading below Brent crude, the international benchmark, because of concerns about the US shale industry. The International Energy Agency expects oil demand to plunge by 29 million barrels a day this month to levels not seen in 25 years. In March, barrels of oil in Midland, the Texas city at the heart

Source: The Times April 17, 2020 23:01 UTC