Brent oil drops under $20, lowest since 2001

Europe’s benchmark oil contract reached $18.10 per barrel before shooting back up to $21.51 in volatile trading.

Brent North Sea crude slumped to under $20 per barrel on Tuesday, reaching the lowest level for more than 18 years as the coronavirus pandemic slashed demand.

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

Europe’s benchmark oil contract reached $18.10 per barrel before shooting back up to $21.51 in volatile trading.