The price of a barrel of American oil has plunged below $ 15. That is the lowest level in two decades, mainly because the demand for oil has plummeted due to the corona crisis and because of a price war between Saudi Arabia and Russia on the oil market.
The price of a barrel of American oil in New York fell by almost 19 percent to $ 14.84. The price of a barrel of Brent oil fell less sharply. It fell by 1.5 percent to $ 27.64.
OPEC, Russia and other oil-producing countries agreed earlier this month to cut production by nearly 10 million barrels per day to boost prices. But that has had a little effect yet.