US oil prices drop to 21-year low as demand dries up [Yahoo! Finance News]
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Source: Yahoo! Finance News
An oil platform ship flagged Bahana Islands passes through the Bosphorus and July 15 Martyrs' Bridge in Istanbul, Turkey.The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage runs out.The price of a barrel of West Texas Intermediate WTI), the benchmark for US oil, dropped 14% to $15.65 in Asia trading on Monday.The oil market has come under intense pressure during the coronavirus pandemic with a huge slump in demand.US storage facilities are now struggling to cope with the glut of oil, weakening prices further.The oil industry has been struggling with both tumbling demand and in-fighting among producers about reducing output.Earlier this month, Opec members and its allies finally agreed a record deal to slash global output by about 10%. The deal was the largest cut in oil production ever to have been agreed.But some analysts said the cuts were not big enough to make a difference."It hasn't taken long for the market to recognise that the Opec+ de
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