Now Brent crude below post-9/11 levels, WTI above $10/bbl
New Delhi: Just days after the rout in the WTI crude prices in the US, Brent crude has slumped below the levels recorded after the 9/11 terrorist attacks in the US.
The June contract of Brent on the Intercontinental Exchange (ICE) is currently around $16.74 per barrel, lower by 13.40 per cent from the previous close.
The slump in crude oil prices has largely been on the back of the nearly no demand amid the coronavirus crisis while supplies have been continuous. Demand for oil has shrunk by almost a third or 39 million barrels per day this month.
The fall in Brent prices augurs well for India as it comprises over 25 per cent of India’s imports. Rest of the Indian basket includes crude from the Gulf region, Oman, also, some crude is imported from Venezuela and nominal amount from the US. (IANS)