NEW DELHI : The rout in US crude oil prices has followed the Brent prices, with the international benchmark crude oil nose diving below 2001 level.
Brent touched $16.84 per barrel, a level far worse than what was witnessed post the 9/11 terrorist attacks. After entering negative territory on Monday, West Texas Intermediate (WTI) was back in the ‘black’ and was trading at $11.24 per barrel at the time of filling this story.
While the WTI prices turned negative on Monday, triggering fears of a full blown recession; the sharp drop in Brent prices has sent shock waves across the oil dependent economies such as that of West Asia and Russia.