TOKYO, April 20 (Xinhua) -- U.S. crude oil plunged about 20 percent to below 15 U.S. dollars per barrel on Monday, hitting the lowest level in more than a decade as the COVID-19 pandemic cast a shadow over the global market.
West Texas Intermediate (WTI), the U.S. oil price benchmark, fell as much as 21 percent to 14.47 dollars per barrel in early Asian trade.
International benchmark Brent crude dropped 4.2 percent to 26.91 dollars a barrel on Monday.
The oil price has been continuously falling in the past weeks as the coronavirus outbreak worldwide has frozen the global demand for the commodity and OPEC countries failed to reach a production cut deal with non-OPEC members.
Although the two sides later agreed to reduce oil production, investors remained unsure whether the cut could offset the plummeting demand.
Latest comments