Prices of US crude oil in New York have plunged to levels not seen for more than two decades, now hovering just under $15 a barrel.
US crude (WTI) fell 24% to $ 13.87 a barrel, while slow Brent crude fell 4% to $27 a barrel.
There are concerns about rising US reserves, which has led to the disconnection of US crude from Brent. However, neither of the two agreements received substantial support from the historic agreement between OPEC and Russia to reduce world production by 10%.
Investors believe this came too late at a time when the global economy is experiencing a deep recession due to the coronavirus pandemic.
Oil demand has plummeted and analysts believe there is no hope of recovery on the horizon any time soon.
At the same time, Wall Street futures are falling -1.5% while in Europe there is a downward trend with the DAX in Germany falling by -0.6%, as well as the FTSE MIB in Milan.