WTI oil slumps 10 percent to new 18-year low

WTI for May delivery sank to $17.53 per barrel, also ahead of the contract’s expiry next week.

The benchmark West Texas Intermediate oil contract dived more than ten percent on Friday to a new 18-year low, hit by oversupply and virus-sapped energy demand.

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., as the sun sets in Tuapse, Russia. (Bloomberg)

At 1255 GMT, WTI for May delivery sank to $17.53 per barrel, also ahead of the contract’s expiry next week. Friday’s level marked the lowest level since November 2001.