On April 20th, 2020, the price of West Texas Intermediate crude oil slumped into negative for the first time in history, falling to negative 37.63 U.S. dollars per barrel. The ongoing coronavirus pandemic has had a catastrophic impact on the global oil and gas industry. Declining consumer demand and high levels of production output are threatening to exceed oil storage capacities, which resulted in the lowest ever oil prices noted between April 20th and April 22nd.
For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.
Lowest daily closing price of crude oil types worldwide during the coronavirus pandemic in 2020
Characteristic
Characteristic
Brent in USD per barrel (April 21)
19.33
OPEC basket in USD per barrel (April 22)
12.22
West Texas Intermediate in USD per barrel (April 20)
-37.63
Western Canadian Select in USD per barrel (April 21)
This statistic was assembled from three different sources. Data for Brent, WTI and TOCOM crude oil prices was taken from Bloomberg, with Western Canadian Select data taken from BNN Bloomberg, found here. OPEC basket prices are published by OPEC, found here.
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BNN Bloomberg, & Bloomberg, & OPEC. (May 6, 2020). Lowest daily closing price of crude oil types worldwide during the coronavirus pandemic in 2020 [Graph]. In Statista. Retrieved July 19, 2024, from https://www.statista.com/statistics/466293/lowest-crude-oil-prices-due-to-covid-19/
BNN Bloomberg, und Bloomberg, und OPEC. "Lowest daily closing price of crude oil types worldwide during the coronavirus pandemic in 2020." Chart. May 6, 2020. Statista. Accessed July 19, 2024. https://www.statista.com/statistics/466293/lowest-crude-oil-prices-due-to-covid-19/
BNN Bloomberg, Bloomberg, OPEC. (2020). Lowest daily closing price of crude oil types worldwide during the coronavirus pandemic in 2020. Statista. Statista Inc.. Accessed: July 19, 2024. https://www.statista.com/statistics/466293/lowest-crude-oil-prices-due-to-covid-19/
BNN Bloomberg, and Bloomberg, and OPEC. "Lowest Daily Closing Price of Crude Oil Types Worldwide during The Coronavirus Pandemic in 2020." Statista, Statista Inc., 6 May 2020, https://www.statista.com/statistics/466293/lowest-crude-oil-prices-due-to-covid-19/
BNN Bloomberg & Bloomberg & OPEC, Lowest daily closing price of crude oil types worldwide during the coronavirus pandemic in 2020 Statista, https://www.statista.com/statistics/466293/lowest-crude-oil-prices-due-to-covid-19/ (last visited July 19, 2024)
Lowest daily closing price of crude oil types worldwide during the coronavirus pandemic in 2020 [Graph], BNN Bloomberg, & Bloomberg, & OPEC, May 6, 2020. [Online]. Available: https://www.statista.com/statistics/466293/lowest-crude-oil-prices-due-to-covid-19/
