WTI oil slumps to lowest since 1986 at USD 10.34 a barrel

West Texas Intermediate oil on Monday plunged to the lowest level since 1986 at USD 10.34 per barrel as the coronavirus pandemic slashes demand, leaving the world awash with crude. Around 1500 GMT, WTI pulled back to USD 10.82 per barrel but was still down almost 41 per cent compared with Friday.

The fall is severe as it concerns the May contract due to expire later Monday and investors don’t want to take physical possession of the oil, traders said.