Largest slump in crude oil prices during coronavirus pandemic by type 2020

On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.

For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

Lowest daily closing price of crude oil types worldwide during the coronavirus pandemic in 2020

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Sources

Release date

May 2020

Region

Worldwide

Survey time period

April 2020

Supplementary notes

This statistic was assembled from three different sources. Data for Brent, WTI and TOCOM crude oil prices was taken from Bloomberg, with Western Canadian Select data taken from BNN Bloomberg, found here. OPEC basket prices are published by OPEC, found here.

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