Breaking: WTI collapses below $13, nearly 30% down, lowest since 1999

Oil prices have to extend their relentless tumble, with WTI dropping below $13 per barrel. The lockdowns imposed to curb the spread of coronavirus have crushed demand for the black gold.

The OPEC+ agreement between Saudi Arabia, Russia, and others, has only temporarily halted the sell-off. However, implementation of the accord begins only in May and storage is filling up. Moreover, the cut of around 10 million barrels per day seems insufficient amid a fall of double or triple in demand.